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 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

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.