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Crude Oil Price Forecast – Crude Oil Markets Show Signs Of Resiliency

Crude oil markets have chopped back-and-forth during the day on Friday, just as they did on Thursday. The market continues to see quite a bit of support just below the 50-day EMA, just as the 200-day EMA above is resistance.
Christopher Lewis
Crude Oil daily chart, October 28, 2019

WTI Crude Oil

The WTI Crude Oil market has chopped around during the trading session on Friday, using the 50-day EMA as support and it looks as if the 200-day EMA above is going to be resistance. This is a market that continues to see a lot of choppiness after a huge move to the upside. If we can break above the $57.50 level, then the market is likely to go looking towards a $59.00 level. To the downside, if we were to break down below the $55.00 level it’s likely that we would find value hunters underneath and I would be looking for buying opportunities at that point.

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WTI Video 28.10.19

Brent

Brent markets of course acted very similarly, as they typically do. The market pullback towards the 50-day EMA at the $60.64 level, but then bounced a bit to show signs of support again. At this point, the $62.50 level is the next target, followed by the 200-day EMA above at the $63.75 level. Brent markets continue to find plenty of value hunters out there, just as the WTI markets do. I currently don’t have any interest in shorting, but I do recognize that if we were to break down below the 50-day EMA then stepping to the side and waiting for signs of support will be the best way to go going forward. $60 underneath the course will be an extraordinarily important level for support, so we would have to wait and see if it were to break down below there.

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