Crude Oil Price Forecast -Crude oil markets have rough Thursday

WTI Crude Oil

The WTI Crude Oil market has gapped lower to kick off the trading session on Thursday, but we are still well within the range that we have been in for some time. The five dollar range has been one that’s been fairly reliable over the last couple of months, with the $55 level being massive support in the $60 level above being massive resistance. The 50 day EMA and the 200 day EMA both are flat, showing just how range bound we are. Swing traders will more than likely continue to take advantage of this range, trading back and forth from both of these levels.

Crude Oil Inventories Video 02.08.19

Brent

Brent markets also gapped lower to kick off the trading session before falling. At this point, we are still well within a five dollar range over here as well, but it is slightly more negative than the WTI grade. That being said, expect the $62.50 level offer support, just as a bounce towards the $65 level offers resistance, but I find even more resistance closer to the $67.50 level. All things being equal, this is a market that continues to chop around and show in decision, as it should be. The global demand for crude oil is still a big question, as there are a lot of concerns about growth. At this point, I think range bound trading is probably about as good as this gets as well. Ultimately, we need some type of impulsive candle stick to give us further direction at this point.

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