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

Crude oil markets continue to show signs of bullish pressure during the day on Thursday, as we are above resistance barriers now. At this point, it’s very likely that market participants will continue to see value in this market given enough time, as we watch the Federal Reserve try to juice the economy.
Christopher Lewis
Crude Oil daily chart, July 12, 2019

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.

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