Crude Oil Price Forecast – Crude Oil Markets Continue to Grind

WTI Crude Oil

The West Texas Intermediate Crude Oil market continues to be somewhat sideways on Thursday as we continue to test the top of the overall range. The WTI market has a lot of resistance built in just above at the $43 level, so it is worth paying attention to the fact that we cannot break out. At this point, all it would take is a little bit of a shove to have the market fall from here. Alternately, if we were to break out above the $43 level on a daily close, then it is likely that we go looking towards the $45 level and then eventually the $50 level. However, with coronavirus numbers picking up, it is a bit difficult to imagine where the demand is actually going to come from.

Crude Oil Video 20.11.20

Brent

Brent markets of course look very much the same as they typically will, as we are testing the 200 day EMA. The question now is not necessarily whether or not there is resistance above, but whether or not this “micro double top” is something worth paying attention to. I suspect that we probably have more of a likelihood to pull back towards the 50 day EMA than anything else right now, but we need something to get market selling risk appetite, at least in this sector. We have seen equities sell off a little bit, so it could possibly bleed into this market. I am not looking for some type of major meltdown, just a short-term pullback as we continue to try to decide whether or not there is going to be demand.

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