Crude Oil Price Forecast – crude oil markets rally on 10 Wednesday

The crude oil markets rallied a bit during the day on Wednesday, as the Americans were basically away from their desk as the country mourned the passing of the 41st president. Because of this, it’s likely that the price action was a bit unreliable.
Christopher Lewis
Crude Oil daily chart, December 06, 2018

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Wednesday, digging into the shooting star that formed on Tuesday. The $55 level above is massive resistance, so if we did manage to break above there it would be an extraordinarily bullish sign. I believe that short-term charts that show any signs of resistance could be sold, but if we do get a daily close above that level it’s likely that we will go to the $57.50 level.

Crude Oil Price Forecast Video 06.12.18

Brent

Brent markets also showed signs of life during the Wednesday session, digging into the shooting star that formed in that market for the Tuesday session as well. I think at this market you probably need to see a daily close above $65 to get truly bullish though, because quite frankly the volume will pick up during the Thursday session and the sellers could return. If they do, I would suspect that the market probably goes digging towards the $59 level.

Keep in mind that the jobs number comes out on Friday, so markets could be somewhat quiet regardless. Obviously, the employment figures will have a lot to say about where future demand may lie when it comes to crude oil and energy overall, so the next couple of days should be rather interesting. If we make a fresh, new low it opens the door to the $55 level. If we can break above the $65 level, I again believe that the $67.50 level could be targeted.

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