Crude Oil Price Forecast – Crude oil markets do little on TuesdayCrude 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.
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 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.
Please let us know what you think in the comments below