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

WTI Crude Oil

The WTI Crude Oil market fell a bit during the trading session on Wednesday, as we got a surprise build in inventory numbers in America. This of course is bearish for crude oil, but more importantly we have the massive resistance at the $60 level that has been such a major place of interest in this market. If we can break above the top of the candle stick for the last couple of days, then we can continue to go towards $65. Quite frankly, with recessionary headwinds and the bearish inventory number, it has to be said that the WTI market has behaved fairly well.

Crude Oil Price Forecast Video 28.03.19

Brent

Brent markets have rallied a bit during the trading session initially on Wednesday only to turn around and fall towards the $67 level. The 200 day EMA is sitting right in that area, and therefore I would anticipate that there should be buyers underneath. Beyond that, the 50 day EMA sits underneath the $65.50 handle. At this point, I still believe that short-term pullbacks are buying opportunities, based upon short-term charts. I’m not looking for a major break out in the short term, I think the markets are essentially in a “holding pattern” but probably have more of an overall bullish bias as there have been major production cuts from OPEC.

Pay attention to the US dollar that could also influence oil markets as well, because if it starts to fall then we might get a bit of that “knock on effect” that commodities follow from the currency markets.

Please let us know what you think in the comments below