Crude Oil Price Forecast – Crude Oil Markets Pull Back

WTI Crude Oil

The WTI Crude Oil market pulled back a bit during the trading session on Monday, raking slightly below the 200 day EMA. That being said though, the market is very likely to continue to go back and forth in general because we don’t have a clear catalyst one way or the other as to where oil should go. OPEC is likely to try to cut back some of the production, but at the same time the Americans are pumping out production hand over fist, it of course there are a lot of concerns about US/China trade deal falling apart, as it can even get off the ground. That should continue to drive down demand in theory.

Crude Oil Video 19.11.19

Brent

Brent markets have gone back and forth as well, initially tried to rally but then breaking down during the trading session. Brent markets are currently stuck between the 50 day EMA underneath and the 200 day EMA above. Because of this, the market is very likely to go back and forth in a tight range but eventually we should get some type of squeeze. To the upside I see the $65 level as massive resistance, just as the $57.50 level underneath is massive support. All things being equal I think that the markets continue to see a lot of noisy trading. With this, I think that we are essentially looking at a market that is going to be better suited for day trading than anything else. That being said, if you are a short-term trading, you can go back and forth in both directions.

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