Crude Oil Price Forecast – Crude oil markets rotate sideways on Thursday

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Thursday, essentially going nowhere. At this point, the market has broken out and it’s obviously very bullish, but we may be needing an opportunity to pick up a bit of value closer to that breakout level at the $60 handle. The $60 handle should now essentially be the “floor” for buyers, so I like the idea of picking up dips but we may get a lot of noise between now and noon on Friday as the market reacts to the employment figures in America.

Crude Oil Forecast Video 05.04.19

Brent

Brent markets of course went back and forth as well, as the $70 level above is resistance. If we can break above the $70 level it should send Brent markets much higher, initially the $72.50 level and then the $75 level. Pullbacks at this point should be supported at the 200 day EMA which is painted in blue on the chart at the $67.19 level. Overall, I think that the dips should continue to offer plenty of value the people are willing to take advantage of, and therefore I have no interest in shorting this market. This is a market that is getting ready to get a “golden cross” going, so if we do then it will bring in even longer-term traders to the upside. With OPEC not meeting until June, the production cuts will continue, so therefore there should be an underlying bid.

Please let us know what you think in the comments below