Crude Oil Price Forecast – Crude oil markets continue to stagnate

Crude oil markets rallied slightly during the trading session on Monday as traders came back to work but failed to impress one way or the other. At this point, it’s very likely that we will continue to see a lot of choppiness and a lack of conviction.
Christopher Lewis
Crude Oil daily chart, March 12, 2019

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Monday, but as you can see we are still within the same trading range that we had been in for some time. Because of this, there’s not much to say other than we will continue to go back and forth until there is some type of clarity. It’s obvious that there is significant support underneath at the 50 day EMA, but just above at the $50 level there seems to be just as much resistance, so at this point it’s simple short term back and forth trading for this market.

Crude Oil Video 12.03.19

Brent

Brent markets also rallied a bit during the trading session, but only slightly so. We had formed a hammer in both oil markets that we follow on Friday though, so that is in theory a good sign. However, there are plenty of reasons to think that we are simply bouncing around further, perhaps due to the questions surrounding global growth and of course by extension demand of energy.

That being said, if we broke down below the bottom of the hammer for the Friday session, that could send more selling into the marketplace. If we were to turn around and break above the $60 level, then I think that Brent at that point will probably go looking to fill the gap at the $70 level above. Expect volatility and short-term trading more than anything else.

Please let us know what you think in the comments below

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US