Crude Oil Price Forecast – Crude oil markets roll over

The crude oil markets continued to show bearish pressure, as we have fallen on Thursday. This should not be much of a surprise considering the breakdown that we had later in the day on Wednesday.
Christopher Lewis
Crude Oil daily chart, August 23, 2019

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the trading session on Thursday but ran into trouble at a couple of different points on the chart. The 50 day EMA has offered selling pressure, and the trend line that we had been following and failed at during the previous trading session has also offered resistance. At this point, it looks like we are going to go down towards the $55 level, possibly breaking below there and reaching towards the $54 level. I do recognize that crude oil markets are in trouble for reason, not the least of which is going to be a serious lack of demand globally as we slow down.

Crude Oil Forecast Video 23.08.19

Brent

Brent markets also tried to rally initially during the day but fell below the top of the shooting star from the previous session, to show that we have run out of upward momentum, at least in the short term. The 50 day EMA is above and turning lower, and the market has broken back below the $60 level. Because of this I think it’s probably only a matter time before we continue to drift lower, but this market has a lot of noise involved in it. There is a hammer underneath from a couple of days ago that could offer a bit of support, but quite frankly I think that the downtrend is there for reason, and with this slowing global growth situation out there and of course the trade war is not helping the situation. For me, this looks like a market that’s ready to roll over yet again.

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