Crude Oil Price Forecast – Crude oil markets have rough day

WTI Crude Oil

The WTI Crude Oil market broke down significantly during the trading session on Thursday, slicing down to the $61 level. The 50 day EMA seems to has offered a bit of support, so this point I think we could see a little bit of a bounce but one thing should be said is that the candlestick is rather negative. The $60 level underneath is massive support though, as it not only is a large, round, psychologically significant figure, it is also the scene of the 200 day EMA. That being the case, if we break down below that level I think the bottom could fall out rather quickly.

Crude Oil Forecast Video 03.05.19

Brent

Brent markets are testing a major uptrend line, and the 50 day EMA as well. As we are right around the $70 level, there’s a huge confluence of things coming around that could cause all kinds of noise. Beyond that, we have the jobs number coming out during the session on Friday and that of course can have an effect as well. With all of that being said it’s likely that we will see a lot of volatility due to that figure. The US dollar of course will be in full effect as far as volatility is concerned so keep that in mind as well.

If we do break down below the 200 day EMA over here, the oil markets will rollover rather drastically and things could get ugly very quick. To the upside, it looks like the $72.50 level should cause resistance bought on a move to the upside you could be looking at that level as a target.

Please let us know what you think in the comments below