Crude Oil Price Forecast – Crude oil markets continue to drift

Crude 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.
Christopher Lewis
Crude Oil

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

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

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US