WTI Crude Oil
The WTI Crude Oil market fell during the trading session on Tuesday, showing signs of exhaustion and resistance near the $55 level. At this point, the market looks likely to struggle to break above that level, and a pullback from that level is of course a negative sign, and the 20 day EMA is just below so that could give us a bit of support as well. If we do break above the $55 level, the market should then go to the ¥57.50 level, perhaps even the $60 level. You could make an argument for a bit of an inverted head and shoulders, that would be a very bullish sign and could send this market all the way up to the $67.50 level based upon the measurement. If we break below the $50 level, then we roll over completely.
Oil Forecast Video 23.01.19
Brent
Brent markets pulled back during the trading session on Tuesday, slicing around the 50 day EMA. The 20 day EMA is just below offering support at the $60 handle. Just as with the WTI Crude Oil market, we are forming a bit of an inverted head and shoulders, and that could send this market much higher. We need to break above the $64 level to kick it off, but if we do get that move, we could go much higher. If we rollover and break below the 20 day EMA, then I think the market probably goes down to the $55 level.