Crude Oil Price Forecast – Crude Oil Markets Continue to Face Resistance

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially dropped a bit during the trading session on Thursday but then turned around to slam into the 200 day EMA. Ultimately, this is a market that will continue to struggle to break out to the upside, but it certainly has a bit of a bid underneath it. With that being the case, I think that the market breaking above the 200 day EMA on a daily close would be a signal that we are going to the $49 level. Until then, it is more of a “buy on the dips” type of market as we have seen time and time again.

Crude Oil Video 17.07.20

Brent

Brent markets also seen a bit sluggish during the day as we do not have anywhere to be quite yet. Ultimately, the 50 day EMA underneath will cause a certain amount of support, at this point in time I believe that the market certainly will try to go looking towards the 200 day EMA to fill the gap, but it is going to take some effort to make that happen. Quite frankly, this is the type of market that will put you to sleep and therefore we will eventually get some type of impulsive move, but we clearly do not have it yet. With that in mind I am very cautiously optimistic, and I think that the 50 day EMA underneath is going to continue to offer a significant amount of support. Selling is not much of a thought until we get down below that read indicator on the chart.

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