Crude Oil Price Forecast – Crude oil markets run into resistance

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Tuesday to reach the $60 level. This is an area that has been the top of a major gap, which has now been filled. If we can break above the $60 level, this pair will more than likely take off, especially considering that the scheduled meeting for OPEC has been pushed back to June, meaning that production cuts will stay in place at least that long. With that, and the fact that the Chinese are stimulating their economy, it’s very likely that demand for crude will continue to pick up and therefore we should eventually break above the $60 level and perhaps go as high as $65.

Oil Forecast Video 20.03.19

Brent

Brent markets haven’t filled the gap at the $70 level yet, but of course they did end up forming the same type of candlestick. If we can break above the top of the candle stick for the session on Tuesday, then I think that is the sign that we are going to go reaching towards the $70 gap. A break above there would free the Brent market to go much higher, but right now we are treading water above the 200 day EMA and showing signs of being very comfortable here. With that in mind, it’s very easy to imagine a scenario where we get a massive push higher. Pullbacks should continue to be bought, for much the same reason outlined in the WTI markets. A falling US dollar could help as well.

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