Crude Oil Price Forecast – Crude Oil Markets Recover

WTI Crude Oil

The West Texas Intermediate Crude Oil market bounced significantly from the $50 level during the trading session on Wednesday, as a technical bounce was long overdue. The question now is whether or not the market can continue to go higher and at this point it is definitely a value play, but the market breaking above the $52.50 level would be a lot more impressive. In the short term, it’s very likely that the market will need to consolidate for a while, perhaps building a bit of stability as traders wait to hear whether or not OPEC cuts, or perhaps the destruction has been enough to bring an of value hunters.

Crude Oil Price Forecast Video 06.02.20

Brent

Brent markets also have rally, breaking above the $55 level, after breaking through a massive resistance. This market has broken above the inverted hammer from the previous session, so having said that it’s very likely that the market has blown out some stop losses. Whether or not we can rally is a completely different question though, as the $57.50 level is definitely needed to be broken above in order to get a little more aggressive at this point. It is definitely a value play, but if the market was to turn around and breakdown through the bottom of the inverted hammer from the Tuesday session, then it’s likely that the market goes down to the $50.00 level. One thing you can probably count on in this market is going to be a lot of volatility.

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