Crude Oil Price Forecast – Crude oil markets continue to march higherThe oil markets had a bullish session to kick off the week on Monday, as we have seen a lot of “risk on” attitude jump into the markets. At this point, the market looks as if it is ready to continue going higher.
WTI Crude Oil
The WTI Crude Oil market rallied significantly during the trading session on Monday to kick off the week as we are now above significant resistance. At this point it’s likely that we will continue to go higher given enough time, and therefore I look at pullbacks as potential buying opportunities on short-term charts. This is a market that should continue to be very noisy, but ultimately the buyers seem to be in control. In fact, it’s not until we break significantly below the $59 level that I would be concerned.
Crude Oil Video 02.04.19
Brent markets also have shown signs of strength as well, it should of course move in the same direction in general as the WTI market does. It’s very likely that we will go looking towards the $70 level given enough time, as it is the scene of a large and significant round number, but it is also the scene of a minor gap on short-term charts. Once we clear there, then Brent can take off to the upside rather significantly from what I see. At this point, I’m a buyer of dips in both grades of crude oil, which of course includes Brent. If we did break down below the $65 level, that would be a major breach of support and could send the market back down to the $62.50 level and then possibly the $60 level. However, given the way the market has behaved I think that is very unlikely to happen anytime soon.
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