Crude Oil Price Forecast – Crude oil markets continue to grind sideways

Crude oil markets were of course closed on Friday for the Good Friday holiday, but at this point it’s obvious that we are killing time, perhaps trying to break above major resistance.
Christopher Lewis
Crude Oil daily chart, April 22, 2019

WTI Crude Oil

The WTI Crude Oil market went back and forth during the Thursday session and of course was closed on the Friday session. Look at this chart, we are currently seeing the 50 day EMA break above the 200 day EMA. Overall, this is a market that looks very likely that we are going to try to break out, but the $65 level has been a complete monster as far as resistance is concerned. If we can break above the $65 level then it opens the door to the $67.50 level, and then eventually the $70 level. To the downside, if we break down it’s very likely that we will find support at the $62.50 level, and then eventually the $60 level.

Crude Oil Inventories Video 22.04.19

Brent

Brent markets rallied slightly during the day on Thursday and they seem to be simply killing time here as well. The $70 level underneath should be rather supportive and important, so if we were to break down below there, the $67.50 level underneath will offer pretty significant support as we are starting to see the “golden cross” underneath there, and of course we are in and uptrend. I suspect that Brent is probably going to be waiting on the WTI market to make up its mind, as the two will move in tandem over the longer-term, and of course the WTI has simply been spinning its wheels. Overall though, this is a bullish market so I have no interest in selling and I think that the $75 level will be targeted given enough time.

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