Crude Oil Price Forecast – Crude oil markets rally again

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Wednesday, as we have seen a massive withdrawal of supply over the last week. That was over 8 million barrels, when the estimates were for a 2 million barrel build. However, we find significant resistance just above not only near the $57.50 level, but we also have the 200 day EMA above there. There is a gap above that needs to be filled, so I think we will eventually break out to the upside but quite frankly this has been an area that’s been very difficult for the buyers get past. Short-term back and forth trading will probably continue to be the mainstay in the short term.

Crude Oil Price Forecast Video 28.02.19

Brent

Looking at this chart, we are approaching the 200 day EMA in the Brent market, reaching towards the $67.50 level. At this point, there is still a small gap near the $70 level, and that hasn’t been filled. Because of this, that might be the short-term target but obviously we have a lot of noise between here and there, so look for short-term pullbacks to buy value. I suspect that the $65 level will continue to be massive support. The 50 day EMA is starting to turn higher, which of course is a longer-term sign that the buyers are starting to press the issue. At this point, as long as we can stay above the $65 level, then it’s probably more of a bullish market than anything else. Expect a lot of choppy trading conditions, but it does look like oil markets continue to try to break out.

Please let us know what you think in the comments below