Crude Oil Price Forecast – Crude Oil Markets Continue to Show Upward Pressure

WTI Crude Oil

The West Texas Intermediate Crude Oil market went back and forth during the trading session, initially gapping lower but then turning around to show signs of life. Ultimately, the market looks as if it is going to towards the $40 level. Beyond that, the $41 level is the top of the gap that had formed previously, and we have not reached the top of it quite yet. The 200 day EMA is just above there, so it should offer a bit of resistance as well. To the downside, the $34.50 level is significant support. All things being equal, this is a market that I think is going to continue to be noisy and try to find some type of range. However, we have not filled that gap yet, so that is my next move.

Crude Oil Video 18.06.20

Brent

Brent markets have gone back and forth during the trading session as well, showing the $40 level has been important. We still have not filled the gap up at the $45 level, so I think we still have some upward momentum to build up. All things being equal, this is a market that is going to continue to see a lot of bullish pressure, and of course the 50 day EMA underneath is support. We are trying to find some type of range, and therefore we can expect to see a lot of volatile action, but then again it is likely to continue due to the fact that there is so much volatility out there overall.

For a look at all of today’s economic events, check out our economic calendar.