Crude Oil Price Forecast – Crude Oil Markets Show Strength On Thursday

The crude oil markets rallied significantly during the trading session on Thursday, reaching towards the recent highs, but at this point I think we are trying to break out and reach towards the top of the larger consolidation area.
Christopher Lewis
Crude Oil daily chart, November 22, 2019

WTI Crude Oil

The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Thursday, reaching towards the vital and crucial $58 level. That is an area that has offered resistance previously, and now it looks as if we are going to make a significant push to try to break out above there. If we were to break above there, the market should then go towards the $60 level above which is the top of the larger consolidation region. To the downside, the $50 level offers the bottom, but right now it looks as if the market is ready to go higher rather than lower.

Crude Oil Inventories Video 22.11.19

Brent

Brent markets have also rally and have even pierced the 200 day EMA. By doing so, the market is likely to go towards the $65 level after that. Looking at the action over the last couple days, suggests that we were going to go higher, but the $65 level is going to be difficult. There is a massive resistance barrier between the $65 level and the $67.50 level. That is a thick “barrier” that will be influential as to where the market goes. I suspect that short-term pullbacks will continue to be bought in the short term, and although we are in a larger consolidation region, I still favor the upside at least in the short term. Expect a lot of choppy back-and-forth trading but have more of an upward tilt in your trading. With this, the market continues to offer a lot of chop and back and forth but with the slant of buying.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US