Crude Oil Price Forecast – Crude Oil Markets Continue to Pressure Upside

WTI Crude Oil

The West Texas Intermediate Crude Oil market has done very little during the trading session on Thursday as we continue to see very little in the way of momentum. Having said that, the market simply has nowhere to be in the short term. I think that the only thing you can do in this market is look for buying opportunities on dips, because quite frankly it has been so choppy for so long that unless you are scalping the market, you do not really have much of a trading opportunity here. To the downside, I believe that the 50 day EMA is support, while a breakout to a fresh, new high could open up the market towards the $49 level.

Crude Oil Video 14.08.20

Brent

Brent markets tried the 200 day EMA yet again, but we continue to sit sideways. This is a market that has shown a lot of support underneath over the last 45 sessions and going back even further if you look at the $40 level as the “floor.” We also have the 50 day EMA at the $42.30 level, and that is also very supportive, so I do believe that we eventually go higher. The reason this market is moving higher more than anything else would be the devalued US dollar that continues to get hammered in the FX markets. If we can break above there, then I think this market could go looking towards the $50 level above which is a large, round, psychologically significant figure.

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