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

All things being equal, I believe that this market will probably go looking towards the $75 level. Above there we could really start to take off to the upside.
Christopher Lewis
Crude Oil daily chart, April 17, 2019

WTI Crude Oil

The WTI Crude Oil market initially fell during Tuesday but did find buyers underneath as we continue to rotate overall. It makes quite a bit of sense though, because we are approaching a major resistance barrier in the form of the $65 level that could be difficult to crack. If we can break above that $65 level then it’s likely that we will see further bullish momentum to the upside. If we can break that level, then I think the next target will be $67.50, followed by the $70 level. To the downside, the $62.50 level underneath is going to continue to be supportive, as it is a flag on shorter-term charts. Below there, the $60 level offer support as the 200 day EMA is just below it. Beyond that, were about to see a “golden cross.”

Crude Oil Price Forecast Video 17.04.19

Brent

Brent markets went back and forth during the session as well, as we continue to see a lot of noise in this market as we try to come to terms with the fact that the market has broken out and above a gap. At this point in time it’s very likely that the $70 level will be psychologically important, and therefore it should have a certain amount of support attached to it as well. If we break down below there then I believe that the moving averages will start to offer support as well. I do believe that crude oil continues to go higher in general, and Brent of course won’t be any different. Perhaps it is waiting for the WTI market to break out as well?

Please let us know what you think in the comments below

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