Crude Oil Price Forecast – Crude oil markets rally on Wednesday

WTI Crude Oil

The WTI Crude Oil market gap higher to kick off the trading session on Wednesday, reaching higher, perhaps even threatening the $60 level. However, that area has held so far so it looks very likely that the resistance will be crucial. If we can break above the $60 level on a daily close, then the market is very likely to go to the $62.50 level after that. Pullbacks at this point should see support below, but looking at the candlestick, you can see that we have broken above a shooting star from the previous session, which is a major breach of selling pressure. However, the $60 level remains crucial. If we can get above there then we have a nice trade on our hands. Otherwise, this market will probably fade.

Crude Oil Price Forecast Video 11.07.19

Brent

Brent markets gapped higher to kick the trading session in the high gear as well, breaking above the 50 day EMA. However, there is a lot of resistance built in right around the $66 level, that extends to the $67.50 level. By breaking the top of a couple of shooting stars, this is a very bullish sign, and it very likely signals that were going to make an attempt to move to the upside. If we can break above the $67.50 level, it’s likely that we will then go to the $70.00 level. This is a market that looks very strong all of a sudden, and therefore it’s likely that we will see crude oil all move in the same direction. WTI may be a bit of a laggard, so keep an eye on Brent.

Please let us know what you think in the comments below