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

WTI Crude Oil

The WTI Crude Oil market initially fell during trading on Thursday but turned around of form a bit of a hammer like candle mid-day. Ultimately, this market continues to struggle with the idea of $65 above, which of course will be a psychologically and an important figure when it comes to round numbers. All things being equal, this is a market that should be continued to be bought on dips, with quite a bit of support and order flow coming in at the $62.50 level. Ultimately, if we can break above the $65 level on a daily close, then we could start to take off to the upside.

Crude Oil Forecast Video 12.04.19

Brent

Brent markets also fell initially during the trading session but continue to find buyers on dips as well. With that in mind it makes sense that perhaps the $70 level is now going to offer a bit of a “floor” in the market, and we are getting relatively close to a “golden cross.” As the 50 day EMA crosses above the 200 day EMA, that will bring in longer-term traders and larger money flows to try to take advantage of what could be a significant uptrend.

To the downside I see the $69 level is offering significant support as well, and of course I think the $75 level will attract a lot of attention if we do break out and above current conditions. Ultimately, we need the WTI grade to break out in order to give the “all clear” for Brent to reach higher.

Please let us know what you think in the comments below