Crude Oil Price Forecast – Crude Oil Markets Pull Back Into Support

WTI Crew Oil

The WTI Crude Oil market has been falling during the trading session on Wednesday as we await the inventory figures. That being said though, the $55 level looks to be an area of support as it was previously resistance. At this point in time it’s very likely that we will continue to see buyers in this general vicinity, so given enough time it’s likely that the market will continue to go higher as we find this area to be “fair value.”

Crude Oil Price Forecast Video 31.10.19

Brent

Brent markets have also fallen during the trading session but have bounce quite a bit more, using the 50 day EMA as support. At this point in time it’s very likely that the market is going to continue to show a lot of choppiness. At this point, the market was to break higher and above the $62.50 level, it’s likely that the market could go looking towards the $63.68 level which is the 200 day EMA. To the downside I would expect the $60 level to be support. At this point in time we are just above the previous ascending triangle, so we should continue to see a lot of buyers.

One thing is for sure, this is a market that is relatively choppy, so the action over the last couple of days makes quite a bit of sense. At this point in time it’s likely that the market will eventually continue to go higher given enough time, and that’s my position in these markets, like buying dips.

Please let us know what you think in the comments below