Crude Oil Price Forecast – Crude oil markets continue to driftCrude oil markets continue to do very little as we are approaching a major resistance barrier. There are a lot of moving pieces right now, so quite frankly we continue to struggle to show clarity.
WTI Crude Oil
The WTI Crude Oil market went back and forth during the trading session again on Thursday as we head into the Easter weekend. The underlying markets will be close, so I would not expect much as the only trading will be during the Globex session for a few hours. Overall, I look at the $62.50 level as support, and then of course the $60 level as well. To the upside, the $65 level being broken would be a very bullish turn of events and could send this market towards the $67.50 level, followed by the $70 level. At this point, we are trying to build up the necessary momentum to make one of those moves.
Crude Oil Forecast Video 19.04.19
Brent markets went back and forth during the trading session as well, as I think this market is essentially waiting on the WTI market to do something. I believe that the $70 level underneath should be supportive, and it’s worth noting that the market is seeing the 50 day EMA cross above the 200 day EMA right now which is a longer-term bullish sign. Overall, the market looks very likely to go higher, but obviously we need some type of help from the other grade. Pullbacks from here should show the $70 level to show support, just as the $67.50 level should have significant support.
As for selling is concerned I don’t have any interest in doing so, as the market has been so headstrong to the upside over the last several months.
Please let us know what you think in the comments below