Crude Oil Price Forecast – Crude oil markets continue to find buyers underneath

WTI Crude Oil

The WTI Crude Oil market fell a bit during the trading session during the day on Thursday but found enough support underneath the 200 day moving average to pop back towards the $59 level. That is a very strong sign, as we continue to see buyers come in and pick up value as it occurs. That doesn’t mean that it’s easy to take off to the upside yet, but it does seem as if the buyers are very dead set on pushing this market higher. The $60 level above offers significant resistance of course, so if we can break above that level and more importantly close well above it, then the market could go much higher. Alternately, if we break down below the hammer that formed on Monday, that could open up the door down to the 50 day EMA.

Crude Oil Forecast Video 29.03.19

Brent

Brent markets of course have acted very much the same, and as we broke down buyers came in to pick this thing up again. Looking at the chart, the 50 day EMA is just below current pricing, so course that will offer psychological support. While the market has been somewhat sideways, it has shown signs of resiliency and a slight tilt higher. This tells me that the buyers are probably still going to be aggressive, as there are plenty of fundamental reasons to think that the market may struggle, but we also have the one major one right now that is positive: the fact that OPEC isn’t meeting until June. That means there will be production cuts between now and then.

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