Crude Oil Price Forecast – Crude Oil Markets Continue With Same Song and Dance

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday, as we awaited the jobs figure. We tried to break out above the $40 level but failed a little bit, and the fact that the 200 day EMA is sitting just above at what was the previous top of a major gap, seems to be a bit too much for the market to continue this trajectory. We have gone sideways for a moment now, and that does seem to suggest that we are probably going to roll over, although I do not think it is a major selling event. At this point, the market is stuck between the 50 day and the 200 day EMA indicators.

Crude Oil Video 03.07.20

Brent

Brent markets tried to rally initially during the day but gave back the gains. It is very much the same over here as in the WTI market, we are simply trading in a general gap that causes both support and resistance. The market has nowhere to be, except in this grade of crude oil we have not filled the gap above, so that is something that is still relatively bullish. Because of this, I anticipate that Brent will outperform WTI, although I would also point out that is a relative strength call, not necessarily that I am overly bullish, just that it will do better than the other. At this point, I think we are simply looking for some type of catalyst to make the next move.

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