Crude Oil Price Forecast – crude oil markets stall

WTI Crude Oil

The WTI Crude Oil market has shown itself to be a bit sluggish during trading on Wednesday, as we initially pulled back but rallied enough to get back to somewhat flat. We are seeing a significant amount of resistance at the $57.50 level, and at this point I think that if we can break above there it would be a very bullish sign. However, I also look at the $55 level underneath as massive support, so it’s very likely that this market will continue to go sideways in the short term. However, this does look like a “loaded spring” that we are forming. This means that a big move should come relatively soon, which for all things being equal, looks like we may go higher.

Crude Oil Price Forecast Video 21.02.19

Brent

Brent markets also went back and forth during the trading session on Wednesday, as we continue to see a lot of trouble near the 200 day EMA. This makes a lot of sense, because quite frankly that’s an area that technical traders will be paying quite a bit of attention to. We have broken above a neck line of sorts for an inverted head and shoulders, so I do think that we probably go higher over here as well. This could be exacerbated by a shrinking US dollar, so between that and the Saudi Arabian proclivity to cut production. Overall, I think that the market will show bullish pressure eventually, but we may get the occasional pullback.

Please let us know what you think in the comments below