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

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gapped a little bit lower during the trading session on Wednesday to hang about the 200 day EMA. However, the Tuesday candlestick which was so bullish tells me that we are more likely than not to turn around and rally. If we can break above the highs from the Tuesday session, then it is very likely that we go looking towards the $49 level via the $45 level above. The $40 level underneath continues to be massive support, an area that has been rather supportive of the last couple of weeks. The 50 day EMA underneath is even more supportive, so I think this is a “buy on the dips” type of scenario.

Crude Oil Video 23.07.20

Brent

Brent markets also gap the little bit lower to kick off the trading session, as we are in the middle of the overall range which I believe is being defined by the 50 day EMA and the 200 day EMA. With that being said, I do think there is more of an upward grind ahead than down, and I like the idea of buying pullbacks as they offer value. A break above the 200 day EMA allows this market to go towards the $50 level, which of course has a certain amount of psychological significance baked in. The market has been relatively steadfast in its move higher, although it has not exactly been an explosive. The falling US dollar will probably continue to favor the upside in this market.

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