Crude Oil Price Forecast – crude oil markets roll overCrude oil markets rolled over a bit during the trading session on Monday but are still within the consolidation area that we have been in for some time. It is because of this that I believe the buyers will probably come in and try to pick this market back up again, as we have seen more than once.
WTI Crude Oil
The WTI Crude Oil market has pulled back a bit during the trading session on Monday to kick off the week, reaching down towards the 20 day EMA. However, we have seen buyers in this area more than once, so I think we will see a bit of a bounce from here and perhaps the market will go looking towards the $55 level again. I think at this point, we more than likely will struggle to get above there, so I think we are essentially trading in a range right now, trying to build up the necessary momentum. Eventually, I think we will do that and once we break the $55 level we can go much higher. In the short term, I think buying small positions to pick up value at these lower levels.
Oil Forecast Video 29.01.19
Brent markets also pulled back during the trading session on Monday, testing the 20 day EMA as well. We are also looking at the $60 level, an area that should cause a bit of support, so I think at this point it’s very likely that the market will turn back around and continues to grind and rotate sideways. The question now is whether we can break above the $64 level. I don’t know that we can, but if we do then it’s a very bullish sign. The $60 level of course attract a lot of attention from a psychological standpoint, so I think at the very least you can probably play this market for a short-term bounce.