Crude Oil Price Forecast – Crude oil markets rally on China hopes

The United States and China are likely to continue talking, and the US has delayed tariffs in order to help the situation. Because of this, there was a big huge “risk on” move during the day, but things are starting to calm down as people realize not much is actually changed.
Christopher Lewis
Crude Oil daily chart, August 14, 2019

WTI Crude Oil

The WTI Crude Oil market has rallied rather significantly during the trading session on Tuesday but ran into a bit of trouble at the $57.50 level, which if you extended it out, you can make an argument for a trend line there as well. We are starting to run into a bit of exhaustion though, so I think the knee-jerk reaction may turn things right back around, and therefore I think it’s only a matter of time before we can sell. However, at this point I think the market will eventually go looking towards the $55 level underneath, which is a huge target.

Oil Forecast Video 14.08.19

Brent

Brent markets of course have the same reaction, breaking above a bit of resistance. By peeking above the $60 level, that is a good strong sign. However, there are a couple of circles on the chart where I believe there is a lot of selling pressure so I think it’s only a matter of time before you see the market pulled back a bit. Granted, we could go higher but then I think the red 50 day EMA on the chart would continue to be resistance as well, so I think sellers will come in and take advantage of any signs of exhaustion. All things being equal I think that the market should then go looking towards the $55 level as demand is horrifically weak at this point as the global economy is starting to slow down yet again.

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