Crude Oil Price Forecast – Crude oil markets continue to push

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Tuesday, as we broke above the highs from Monday. This obviously is a very bullish sign, but the reality is that we might be getting a bit stretched. As we plow through the day, we are starting to see a little bit of a pullback from the highs, so don’t be surprised at all if you see a short-term pullback in this market. However, the $60 level should be crucial support so I would be surprised if we were to break down below that level. In other words, look at short-term pullbacks as potential buying opportunities.

Oil Forecast Video 03.04.19

Brent

Brent of course has behaved very similar, as we have broken above the highs from the trading session on Monday. The $70 level above course is a target to be paid attention to, so therefore it’s my short-term target. That’s not saying that I expected to go straight there, because quite frankly we have seen so much in the way of explosive volume that it wouldn’t necessarily be surprising to see a little bit of profit taking. However, that should offer a buying opportunity down the road, as we are most certainly in an uptrend and fundamentally nothing has changed on a pull back. There should be plenty of people looking to get involved in the market, as the 200 day moving average near the $67.50 level has offered significant support over the last couple of days and is starting to turn higher. Ultimately I am a buyer of crude oil and not willing to sell.

Please let us know what you think in the comments below