Crude Oil Price Forecast – Crude Oil Markets Continue to Look for Support

WTI Crude Oil

West Texas Intermediate Crude Oil markets have bounced from a significant support level during the trading session, but still look a bit stretched and weak. The one thing that is helping be on the fact that the $35 level is holding is the fact that the 50 day EMA is starting to come into the picture. With that, I think that as long as we are stuck between the 50 day EMA and the 200 day EMA, we are highly likely to continue this somewhat range bound attitude. With that in mind, you can trade short term, and I do think that the $30 level is essentially the “floor” in the market.

Crude Oil Video 16.06.20

Brent

Brent markets have shown a certain amount of support near the $37 level, with the 50 day EMA just below there. That being said, the market looks as if it is trying to find its footing and reach towards the highs again. The gap has yet to be filled so that is something to pay attention to as well, as markets do like to fill these gaps. With that being said, I think that if we can break above the highs of the Friday session, then it might be worth having a small position in this market. However, if we do break down below the $35 level, then the $30 level will offer the next support level that people can take an interest in, as it has been important in the past. With this, I am bullish, but only short-term and not willing to put too much capital in the market.

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