Crude Oil Price Forecast – Crude oil markets continue to test resistance

WTI Crude Oil

The WTI Crude Oil market continues to go back and forth with an upward bias, as we have broken above the significant $63.66 level. This is an area that has been pretty important recently, so I think that if we can finally break above there on a daily close, we could then go higher. A pullback from here should then go down to the $62.50 level. Below there, the 50 day EMA, pictured in red at the $61.77 level should also offer plenty of support. I do think that the market is bullish, but it has been choppy and volatile to say the least.

Crude Oil Video 21.05.19

Brent

Brent markets also tried to rally during the trading session on Monday but continues to find a bit of resistance near the $73 level. By rolling over and forming a bit of a shooting star, that suggests that the market is probably going to pull back a bit, but I think there is plenty of support underneath. The uptrend line underneath should continue to keep this market elevated, especially considering that the 50 day EMA is sitting just below there as well, and we are essentially at the $70 level when looking at both the uptrend line and the EMA.

In general, I think that were trying to work out how to get to the $75 level, an area that will certainly be very resistive but if we can get past that it’s likely that we can go much higher.

Please let us know what you think in the comments below