Crude Oil Price Forecast – crude oil markets find buyers again

WTI Crude Oil

The WTI Crude Oil market pulled back a bit during the trading session on Wednesday but found enough buyers underneath the turn back around and show signs of life again. Ultimately, I think that this market will probably continue to find a lot of interest, as the $55 level is such an interesting resistance barrier that people will be taking advantage of. Overall, I believe that the market probably finds plenty of reasons to get bullish, even though there are a lot of concerns when it comes to global growth. Quite frankly, the supply in the future is starting to tighten when it comes to crude oil. Once we can clear the highs from the last several sessions, then I think the market makes a move towards the $60 level.

Crude Oil Price Forecast Video  14.02.19

Brent

Brent markets also look very bullish during the day, initially pulling back but then went higher to test the neck line of the potential inverted head and shoulders. Because of this, I think that the market is probably going to try to break out to the upside. Once we get clear the $64 level on a daily close, I think we will then very quickly test the $65 level, and then eventually the $70 level if we get a chance. I think short-term pullbacks continue to be buying opportunities, and if we can get the US dollar to calm down a bit, that might help the commodity as well. In general, I believe that the crude oil markets will eventually break out.

Please let us know what you think in the comments below