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

By:
Christopher Lewis
Updated: May 9, 2019, 16:56 UTC

The crude oil markets continue to look a bit choppy and back and forth on Thursday which of course makes a lot of sense considering everything that’s going on. Looking at the chart, it’s obvious that we are conflicted about the next move.

Crude Oil daily chart, May 10, 2019

WTI Crude Oil

The WTI Crude Oil market continues to bounce off the 50 day EMA, as Thursday is a simple continuation of everything that we have seen all week. The market is hugging a trend line, and it should make a decision rather soon. This is lining up just about perfectly for whatever happens with the US/China trade relations on Friday. Once we get some type of resolution to that or lack of, it’s likely we will get a move here. To the downside, I see the $60 level as a one dollar think support level. On the other hand, if we rally from here we could go towards the $64 level.

Crude Oil Forecast Video 10.05.19

Brent

Brent markets continue to go back and forth as well, testing another trend line and the 50 day EMA. This market is hanging about the $70 level, so I think that it’s only a matter of time before we have to make a decision. Keep that decision in mind, because it could lead to where we go next for quite some time. The Chinese situation with the Americans of course will be a major factor in this market as well. I believe that Friday could give us a hint as to where we go next. I would stay out of this market until Monday morning in based upon what I’ve seen so far, I suspect that could lead to major moves if we get any type of momentum at all by the end of the day Friday.

Please let us know what you think in the comments below

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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