Crude Oil Price Forecast – Crude Oil Markets Continue To Jostle Back And Forth

The crude oil markets initially dipped during the trading session on Wednesday, as we continue to see a lot of noise in the crude oil market. There are a lot of conflicting forces going on right now in crude, so don’t be surprised at all to see this market do nothing.
Christopher Lewis
Crude Oil daily chart, November 14, 2019

WTI Crude Oil

The WTI Crude Oil market initially fell during the trading session on Wednesday but turned around to show signs of strength again as the 200 day EMA has been like a magnet for price. The $57.50 level above has been resistance, and as a result it’s very likely that if we can break above there then the market could go much higher. Overall, this market continues to squeeze in general and I think that it is going to continue to be very choppy and back and forth as we are essentially at “fair value” when it comes to the overall consolidation that I have marked on the chart.

Crude Oil Price Forecast Video 14.11.19

Brent

Brent markets also look a bit squeezed as we tried to reach towards the 50 day EMA before turning around and showing support. At this point, the market is very likely to continue to see a lot of back and forth as we are between the 50 day EMA and the 200 day EMA, which of course is a longer-term moving average that a lot of trend traders pay attention to. At this point, the market is very likely to continue to see noise in general, but I do think that we are more than likely going to see a lot of choppy and back and forth behavior as the market seems confused and simply comfortable in this general vicinity. If you’re short-term back-and-forth type of scalper, crude oil markets are probably where you want to be.

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