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Crude Oil Price Forecast – Crude Oil Markets Continue To Show Resiliency

The crude oil markets have shown a bit of resiliency during the trading session on Tuesday, as we initially gapped lower but then found buyers again. All things being equal, the market looks as if it is going to try to choose through all of this noise.
Christopher Lewis
Crude Oil Price Forecast - Crude Oil Markets Continue To Show Resiliency

WTI Crude Oil

The WTI Crude Oil market has gapped lower to kick off the trading session on Wednesday, but then turned around to show signs of strength again. Ultimately, the market looks as if it is trying to choose through the resistance barrier that extends to the $62.50 level, so it’s likely that we will continue to see buyers come back in on dips. I have no interest in shorting the crude oil market, but I do recognize it will be susceptible to bits of exhaustion. Ultimately, this is a market that continues to be noisy but lifted slightly by the OPEC production cuts.

Crude Oil Price Forecast Video 19.12.19

Brent

Brent markets went back and forth during the trading session as well, and also gapped lower to kick it off. That being said, the market looks as if it is going to continue to be very noisy and try to dig through this resistance barrier towards the $67.50 level. Ultimately, the market is going to continue to be positive in general, but I think the occasional pullback should be coming. Those pullbacks should be thought of as potential buying opportunities down to roughly $65. A breakdown below there probably opens up the door to the $64 level next. All things being equal, crude oil will be greatly influenced by global trade, which right now is slowing down. If we were to break down below the 200 day EMA, it’s likely that the market will probably continue to go lower but right now that doesn’t look to be a serious threat.

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