Crude Oil Price Forecast – Crude oil markets rallied slightly on Thursday

WTI Crude Oil

The WTI Crude Oil market has rallied slightly during the trading session on Thursday as we are finally above the $60 level. This of course is a good sign, and it does suggest that perhaps higher pricing is coming. That doesn’t mean it’s going to go straight up in the air but certainly we have broken a significant barrier. With that being the case, I’m a buyer of short-term dips and believe that the 200 day EMA, which is pictured in blue on the chart, should offer a bit of support as it is a major technical level. As far as selling is concerned, I don’t have any interest in doing so quite yet.

Crude Oil Forecast Video 12.07.19

Brent

Brent markets rallied a bit during the trading session, peeking through the 200 day EMA but giving back some of the gains. This makes sense, because the $67.50 level was offering resistance anyway. That being said, I do think that eventually we break out and if we can break above the $67.50 level, it’s very likely that we will continue to grind higher, perhaps as high as $70 given enough time. It doesn’t mean that all happen today, it doesn’t mean that will happen tomorrow but I do like the idea of buying short-term pullbacks until we break down below the $65 level which would show a shift in attitude from what I see. All things being equal, I do think that there is more upward pressure than down.

Please let us know what you think in the comments below