Crude Oil Price Forecast – crude oil markets show signs of resiliency

WTI Crude Oil

The WTI Crude Oil market pulled back a bit during the trading session on Tuesday but has turned around to show signs of life yet again. Ultimately, I think that the $50 level underneath continues to be massive support, so I think it’s only a matter time before buyers continue to jump into this market as we get close to that level. However, the $55 level above has been resistance, and we also have the 20 day EMA turning lower just above that handle, so I think we continue to see a lot of noise. In general, I like the idea of buying this market on dips, and of course an impending breakout. However, if we break down below the $50 level, it’s likely that this market could break down rather drastically.

Oil Forecast Video 13.02.19

Brent

Brent markets also pulled back initially during the trading session on Tuesday but found enough support to turn around and rally towards the resistance above. I believe that the market will move right along with the WTI market, as it typically does. I think that if one of them breaks out, the other one will surely follow. In this case, I need to see the market break above the $64 level so I can start buying again. The 200 day EMA is just above there so expect a lot of noise. If we turn around to break down below the lows of the Thursday candlestick, which is just below the $60 level, then I think we probably fall rather drastically.

Please let us know what you think in the comments below