Crude Oil Price Forecast – Crude oil markets continue to press against a major resistance

Crude markets rallied significantly during the trading session on Wednesday, reaching towards the top of the recent range, which of course is a very good sign. However, we haven’t completely broken out quite yet, but we are most certainly on the precipice.
Christopher Lewis
Crude Oil daily chart, March 14, 2019

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the trading session on Wednesday, as we continue to press against the $58 level. Beyond that, we also have the 200 day EMA just above, so there are plenty of reasons to think that it is still going to be difficult to break out. Short-term pullbacks should be a buying opportunity though, so I will continue to look at them as such. I do believe that eventually this market will break out to the upside but it seems to be very unlikely to be an easy thing. We have been quietly killing time in this range though, so I do think it’s only a matter of time.

Crude Oil Price Forecast Video 14.03.19

Brent

Brent is very much the same situation, using the $67.50 level as a massive barrier. If we can break above there, then I think the market probably goes towards the $70 level above, which features a nice gap that should continue to be important. Short-term pullbacks should be thought of as value when it appears, but if we were to turn on a break down below the $65 level, then it could change some things. However, the certainly looks as if the market that is trying to get to the upside and continue even further. If we can break above the $70 level, the market is very likely to go towards the $72.50 level and beyond. At this point, it’s obvious that the buyers are becoming more aggressive.

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