Crude Oil Price Forecast – Crude oil markets recover on Thursday

Crude oil markets rallied a bit during the day on Thursday, and unlike so many times before seem to be willing to hang onto gains. This is a very bullish sign and could help crude oil for the longer-term. Ultimately, this is a market that will move back and forth based upon not only demand but perceived global demand as the economies performed.
Christopher Lewis
Crude Oil daily chart, May 17, 2019

WTI Crude Oil

Despite the US/China trade war, it looks as if the WTI Crude Oil market continues to thrive. Breaking towards the top of the massive shooting star that we had formed on Monday is doing wonders for the bullish attitude of this market, and it now looks like we are trying to grind our way towards the $65 handle again. With that in mind, I much more comfortable buying dips now that we have finally had a session that not only gained it but held onto significant gains.

Crude Oil Forecast Video 17.05.19

Brent

Brent markets rallied quite nicely, reaching towards the $73 level. At this point it’s likely that we could get the occasional pullback but I think that’s only going to offer buying opportunities as we try to reach towards the $75 handle. This market is one that should continue to be positive overall, but we will get the occasional knockabout considering that there are so many issues when it comes to trade tensions. Overall though, it does look like we are ready to go higher so I still error on the side of caution and retain a long only bias. If we were to break down below the moving averages underneath, then I would have to re-think the entire situation. A break above the $75 level could open up quite a bit of extra buying pressure as well.

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