Crude Oil Price Forecast – Crude Oil Markets Finding Support

WTI Crude Oil

The West Texas Intermediate market initially pulled back during the trading session on Wednesday, testing the crucial $52.50 level for support. It did in fact find it there, and then rallied towards the $53.50 level somewhat quickly. At this point, we are much closer to the bottom of the overall consolidation that we are the top, and we are starting to show signs of stubborn buying pressure. If that’s going to be the case, it makes sense that we would rally from here and go looking towards the 50 day EMA which is painted in red on the chart, and then perhaps even the top of the range which could go as high as $60. Obviously though, that’s a longer-term trade.

Crude Oil Price Forecast Video 17.10.19

Brent

Brent markets of course acted very similar, as the oil markets tend to move in tandem. The $56 level is the beginning of support down to the $55 level underneath, and it should be noted that we have formed quite a few hammers on the way back from there. At this point, you can even make an argument for a bit of a triangle, which is symmetrical weed shape. That means that if we break to the upside we should get a significant run towards the 200 day EMA which is painted in blue and currently trading at the $64 level. Expect a lot of noise, but ultimately this is a marketplace that should continue to find value hunters coming into it. This is especially true considering how many geopolitical issues there are right now.

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