Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Higher

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially pulled back slightly during the trading session on Thursday, but then shot straight up in the air to reach towards the highs of the previous session. It looks as if we are trying to get back to the top of the gap, which means a move to the $41 level is very possible. Furthermore, the 200 day EMA is sitting just above the $41 level which will offer massive resistance. That being said, I believe that the market will probably continue to see a lot of volatility, but obviously we have not filled that gap and I think a lot of traders are looking at that in the short term. I think short-term pullbacks will continue to be buying opportunities.

Crude Oil Video 19.06.20

Brent

The Brent markets have shown the $40 level to be supportive during the trading session on Thursday as well, and I think that it is likely that we are going to continue going higher. Ultimately, the 50 day EMA underneath is support as well, closer to the $36.44 level. To the upside, the gap that needs to be filled is at the $45 level, and we are getting relatively close to seeing the 200 day EMA reach that level as well. With that being the case, I think it is only a matter of time before we see some type of massive selling pressure in that general vicinity. All things being equal, I believe that we will rally in the short term but then turned around and pullback. We are trying to find some type of range for both of these markets, and we are in the process of exploring the upper boundaries.

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