Crude Oil Price Forecast – Crude oil markets do little on Tuesday

Crude oil markets went back and forth during the trading session on Tuesday, as we continue to see a lot of indecision. We had recently broken this market down, and now it looks very likely to be a slow grind.
Christopher Lewis
Crude Oil daily chart, June 12, 2019

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Tuesday, as we really didn’t make any headway. The $55 level above is major resistance, and if we can break above there it would be a good sign that we go much higher. A break above the $55 level would send this market much higher, perhaps reaching towards the $57.50 level. That’s an area that should cause a bit of psychological resistance, but above there I feel that the market probably goes looking towards the $60 handle. At that point, there are several moving averages in that general vicinity, and therefore I think it would be difficult to break to the upside.

Oil Forecast Video 12.06.19

Brent

Brent markets tried to rally during the trading session on Tuesday but found a bit of resistance at the $63 level to turn around and show signs of exhaustion. At this point, I think there is a lot of support underneath that should continue to lift this market and I think that this pullback will more than likely find buyers underneath, with the $60 level offering massive support. In general, this is a market that is oversold just as the WTI market is, and they think that we are going to continue to show signs of support at the 61.8% Fibonacci retracement level which coincides quite nicely with the $60 handle. To the upside, I believe that $65 will probably be the target, and then $67 after that.

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