Crude Oil Price Forecast – Crude oil markets run into resistance

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the trading session on Wednesday, but then pulled back a bit as we may have gotten a little bit ahead of ourselves. Looking at this chart, it’s obvious to me that the $60 level underneath is massive support. Beyond that, the $59 level features the 200 day EMA, so at this point I would love to see a pullback towards that area so we could pick up a bit of value in a market that has further to go. My target at this point is the $65 level, but I do like buying the dips instead of paying up at these levels.

Crude Oil Price Forecast Video 04.04.19

Brent

Brent markets also rallied significantly, gapping towards the $70 level. The $70 level above is of course a large, round, psychologically significant figure, and that being the case it’s likely that we will continue to see a bit of selling in that area. Pullbacks at this point continue to find support near the $67.15 level, as it features the 200 day EMA. Ultimately, this is a market that should be bought on dips as well, and if we can break above the $70 level, then we could go much higher, perhaps reaching towards the $75 level which would be my target once we get that break out. To the downside, I think that the $65 level is essentially the “floor” in the market.

Please let us know what you think in the comments below