Crude Oil Price Forecast – Crude Oil Markets Continue To Press ResistanceCrude oil markets initially fell during the trading session on Monday but have turned around to show signs of support. Ultimately, the market looks as if it is trying to reach the top of consolidation.
WTI Crude Oil
The WTI Crude Oil market initially pulled back during the trading session on Monday, but then turned around to show signs of strength again as we have rally towards the $60 level. This is a market that has been bouncing around between the $50 level on the bottom and the $60 level on the top. Ultimately, the market is likely to try to break down, but there are a lot of concerns when it comes to demand as Chinese economic figures have been exactly impressed. That being said, a pullback is probably supported and the 200 day EMA, and perhaps even the 50 day EMA. In fact, it almost looks as if we are about to find a “golden cross” occurring in this market.
Crude Oil Video 10.12.19
Brent markets also pulled back initially during the trading session on Monday, reaching down towards the 200 day EMA before we bounced again. Ultimately, the $65 level above is massive in its importance, as it is the top of the overall consolidation. At this point, if we were to break above the $65 level it’s likely that the market will then go looking towards the $67.50 level next. Otherwise, if we were to break down below the 200 day EMA, it’s likely that the market will go looking towards the 50 day EMA after that. All things being equal, this is a market that is trying to break out but has a lot of work to do in order to make that happen. OPEC did a bit of a production cut, but concerns about demand still cause issues.
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