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Crude Oil Price Forecast – Crude Oil Markets Failed To Break Out

Crude oil markets rallied a bit during the trading session on Tuesday, but failed to make a fresh, new high. That being said, they still look as if buyers are willing to step in and pick him up just below, so I think it’s only a matter of time before we do.
Christopher Lewis
Crude Oil daily chart, November 27, 2019

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Tuesday, reaching towards the recent highs. Those recent highs of course suggest that there is recent selling in that area, so I would be cautious about getting to overly bullish here. I think short-term pullbacks continue to offer buying opportunities, but overall, I don’t like the idea of trying to get too cute here. The $60 level above should be a massive resistance barrier that will be very difficult to overcome.

Oil Forecast Video 27.11.19

Brent

Brent markets continue to try to grind higher, but quite frankly there is a ton of resistance just above that continues to cause major issues. All things being considered though, I think that the market will try to reach that crucial $65 level, an area that has been massive resistance in the past. I don’t think that this market breaks out though, and I think it just simply tries to that area again. Expect a lot of choppy back-and-forth trading as traders don’t really know what to do at this point, and of course it is the Thanksgiving weekend the United States so there will be a lot of confusion and questions about volume. If we break down from here, I anticipate that the 50 day EMA should continue to offer a lot of support, so keep that in mind as well as it could be a potential buying opportunity also. All things being equal I am slightly bullish, but I recognize the gains are probably somewhat limited.

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