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Crude Oil Price Forecast – Crude Oil Markets Continue To Find Support

By:
Christopher Lewis
Updated: Nov 25, 2019, 17:01 UTC

The crude oil markets initially fell during trading on Monday but continue to find support on dips. At this point, it looks as if we are going to try to go towards the top of the range.

Crude Oil daily chart, November 26, 2019

WTI Crude Oil

The WTI Crude Oil market pulled back a bit during the trading session on Monday, reaching towards the 200 day EMA which is just at the $57 level. At this point, the market has turned around to form a bit of a hammer midday, but I think with this shows is that there is simply a grind higher to the upside. When you zoom out and look at the longer-term chart, the $60 level above continues to be resistance. I think that might be the target that we are aiming for, so short-term traders will probably continue to step in and by crude oil on dips.

Crude Oil Video 26.11.19

Brent

Brent markets have gone back and forth during the trading session on Monday, showing signs of volatility. We are dancing around the 200 day EMA and I think it’s the same over here as well, we are going to try to go grinding towards the top of the longer-term consolidation, which is to be found at the $65 level. At this point, that area looks to be of massive resistance, and I think it would take quite a bit to get above there. It’s not that we can’t, it’s just that we won’t on this initial move. I do think it needs to be tested, so I think will get that move. Overall, this is a market that continues to be bought on dips by short-term traders, and as a result if you are trading that timeframe you should remain slightly bullish. I think the move is somewhat limited though.

Please let us know what you think in the comments below

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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