Crude Oil Price Forecast – Crude oil markets continue to show strength

Crude oil markets continue to rally during the Thursday session, as we see plenty of buyers jumping into the market on dips. Looking at the chart, we have broken out and we are ready to go higher.
Christopher Lewis
Crude Oil daily chart, March 22, 2019

WTI Crude Oil

The WTI Crude Oil market has initially pulled back during the trading session on Thursday, only to find buyers to push it to the upside. Ultimately, this is a market that should continue to see more momentum to the upside, but it’s going to take some time to build up confidence. OPEC has pushed back its meeting until June, and that means that the production cuts are in place at least until then. The 200 day EMA is closer to the $59 level right now, and I think that the market has a bit of a “floor” there, which of course the market will pay attention to.

Crude Oil Forecast Video 22.03.19

Brent

Brent markets went back and forth during the day, perhaps lagging the WTI market a bit. However, we are still well above the 200 day EMA and of course the $67.50 level. This is a market that has shown the lot of bullish momentum, but it looks like the market is ready to continue to go much higher. The $70 level above should be a target, as it is the scene of a gap in the past. I think the market will try to fill that gap, but obviously it’s got some work to do.

I look at pullbacks as buying opportunities in the Brent market, as we have clearly build up a lot of buying pressure underneath. Looking at this chart, if you are patient enough you can find buying opportunities on short-term charts and put some money to work.

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