Crude Oil Price Forecast – Crude oil markets run into resistance

WTI Crude Oil

The WTI Crude Oil market rallied rather significantly during the trading session on Tuesday, slamming into the $60 handle. This is an area that is rather significant from not only a large, round, psychologically important standpoint, but also the fact that it was the scene of a gap previously. However, just below we have the 200 day EMA that continues to offer support. Because we have seen a hammer during the trading session on Monday that seemed to be reacting to the 200 day EMA, I do believe that eventually we break out to the upside. Beyond that, we also have the OPEC which is an even beating again until June, making the production cuts run just that much longer.

Oil Forecast Video 27.03.19

Brent

Brent markets also are finding support at the 200 day EMA, and of course testing resistance above. The market continues to go higher in general, and it looks as if we are going to try to break out. Obviously, we have the same issues over here as we do in the WTI Crude Oil market, as we are at an area that is going to attract a lot of attention. The $70 level above would be massive resistance but I do think that it is the target right now. To the downside, I believe there is significant support at the $65 level underneath, as the 50 day EMA is running right through it. That being the case, there are plenty of buyers between here and there so I would be looking for value on those dips.

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