Crude Oil Price Forecast – Crude oil markets pull back

WTI Crude Oil

The WTI Crude Oil markets slumped slightly during the trading session on Thursday as the US dollar weight upon the bullishness of crude markets. Ultimately, this is a market that should continue to run into a little bit of headwind above, but more importantly I see a lot of support underneath as shown by the purple ellipse on the chart. I think that goes down to at least the $64 level but that $65 level will obviously have a certain amount of bullish pressure built into it anyway. I think what we are ready to see here is a slight pullback that we can take advantage of down the road, and closer to the $65 level. Do not be surprised if Friday is a negative day, but it certainly isn’t an event you should be selling.

Crude Oil Forecast Video 26.04.19

Brent

Brent markets also tried to rally but gave up about half of the gains during the day as the $75 level was a bit too much. This is an area that was previous support and of course it is a large, round, psychologically important figure, so it’s not a surprise that we pulled back. With that in mind, I suspect that we may be due for a pullback over the next day or so, and it could be as deep as $72. The alternate scenario of course is that we break above the top of the candle stick for Thursday which would be a very bullish sign as it would smasher quite a bit of different resistance barriers.

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