Advertisement
Advertisement

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

By:
Christopher Lewis
Updated: Nov 26, 2019, 16:44 UTC

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.

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.

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.

Did you find this article useful?

Advertisement