Crude Oil Price Forecast – Crude Oil Markets Stabilize

WTI Crude Oil

The West Texas Intermediate Crude Oil market bounce from the $35 level early during the trading session on Friday, as the market looks as if it is trying to bounce around in this area that made up the gap. I think that the market is likely to see a move back towards the top of the gap, and perhaps an attempt to fill that gap all the way up at the $41 level. I think there is plenty of support underneath, so as we bounce a bit there will be a lot of people interested in trying to go long a market that has been so bullish. Furthermore, to the downside we have the 50 day EMA offering support. It is worth noting that the 200 day EMA is starting to come into view at the $41 level as well.

Crude Oil Video 15.06.20

Brent

Brent markets have pulled back a bit during the trading session on Friday, only to turn around and find buyers again. The 50 day EMA underneath does offer quite a bit of support and if we can crack above the $40 level it is likely that we will go looking to fill the gap above, reaching towards the $45 level. The 200 day EMA is above there, so I think that we do not go much further than that. Filling the gap is something that a lot of traders will look to do from a technical perspective, so it makes sense that might be the next move. If the market gets up there, I do not expect it to break out though.

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