Crude Oil Price Forecast – Crude Oil Markets Quiet

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth to show signs of stagnation, which makes sense considering that we have not quite filled the gap above that a lot of traders will be looking to do. While I do not necessarily think that a market absolutely positively has to fill the gap, the reality is that more often than not it well. Furthermore, that would mean that we are getting close to the 200 day EMA above, and that of course is something worth paying attention to. To the downside, the $35 level is a significant support level, so I think that there could be an opportunity to start buying as well.

Crude Oil Video 10.06.20

Brent

Brent markets have gone back and forth and as you can see, we also have support in the neighborhood of $40, and I think that we will probably start to grind towards the $45 level given enough time. Furthermore, the $35 level underneath is massive support as well, which coincides nicely with the 50 day EMA. That is an area that should continue to offer a lot of opportunities for people looking for value, but I do not know that we can break above the $45 level. Quite frankly, I think we are trying to form some type of the range and happen to find it quite yet. Ultimately, I think this is a market that is trying to find a bit of a pullback in order to offer value, so given enough time I think we will get that, and then we will eventually go higher.

For a look at all of today’s economic events, check out our economic calendar.