Crude Oil Price Forecast – Crude oil markets rally to kick off the week

WTI Crude Oil

The WTI Crude Oil market initially pulled back a bit during trading on Monday, as we continue to see buyers jump into this market, perhaps due to production cuts, perhaps due to a slightly softer US dollar, but regardless we have broken above the 200 day EMA during mid-day trading, which of course is a very bullish sign. With that being the case, it’s likely that we should continue to see a lot of momentum entering this market. However, the $60 level is just above and that features not only a large, round, psychologically significant figure, but also a gap that will cause a few issues as well.

Crude Oil Video 19.03.19

Brent

Brent markets also rallied during the day, breaking above the 200 day EMA it again. The $67.50 level has been significant resistance, but it looks as if we are trying to clear that area. It appears also that the WTI Crude Oil market is going to lead the way, so therefore Brent markets may play a bit of “catch-up” to the WTI market.

To the downside, I see a lot of support at the $65 level, which should cause plenty of buying to reenter the marketplace. That being the case, that’s my “bottom” of the market right now. If we can break above the candle stick on Thursday, then it opens the door to the  $70 level above where the gap in Brent is found. It certainly looks as if we are trying with everything we have to break out to the upside.

Please let us know what you think in the comments below