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

Crude oil markets continue to press resistance overhead, but at this point it seems as if we aren’t quite ready to make a significant move. With that being the case, it’s very likely that we will continue to chop around with an upward bias.
Christopher Lewis
Crude Oil daily chart, April 18, 2019

WTI Crude Oil

The WTI Crude Oil market has formed a bit of a bullish flag just below the $65 level, an area that of course will cause quite a bit of resistance. If we can break above there, then we can start to look to the bullish flag for signs of a target. That’s five dollars, showing that we could go to the $70 handle above. In the meantime, I do like short-term pullbacks as buying opportunities, perhaps reaching down towards the $62.50 level underneath which is the top of the flag from previous trading that is within the flag in general. Overall, I believe that there is even more support at the $60 level so it’s not until we get below there that I would be a seller.

Crude Oil Price Forecast Video 18.04.19

Brent

Brent markets also went back and forth during the trading session on Wednesday, as we simply don’t have enough momentum to push this market to the upside quite yet. However, there is plenty of support below at the $70 level, the $69 level, and then eventually the $67.50 level where we are starting to see a bit of a “golden cross”, which longer-term traders pay quite a bit of attention to.

To the upside I believe that we will probably go looking towards the $75 level but it’s very likely we need to see some type of move to the upside in the WTI Crude Oil market to give it the “all clear.”

Please let us know what you think in the comments below

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