Crude Oil Price Forecast – Crude Oil Markets Still Trying To Base
WTI Crude Oil
The WTI Crude Oil market initially fell during the trading session on Tuesday, reaching down towards the $51 level. However, the market has also bounced enough to show signs of resiliency, and perhaps a proclivity to break above the $52.50 level. If it does, then it will make a serious challenge to the $54 level, but you should keep in mind that it’s not going to be an easy thing to accomplish. Either way, I believe that this market is oversold and certainly bouncing from the $50 level makes quite a bit of sense. The 50 day EMA is currently hanging around the $55 level, so it makes sense that it would attract a certain amount of resistance as well.
Crude Oil Video 19.02.20
Brent markets also initially fell but turned around to press against the resistance barrier in the $57.50 level. If we can break above there, then the market is very likely to go looking towards the $60 level which also has the 50 day EMA is hanging around the area. That is an area that continues to attract a lot of attention as it is one of the most important technical indicators that longer-term traders will pay attention to. Ultimately though, if we can break out above the $57.50 level it’s very likely that we will eventually hit that. To the downside, the $55 level underneath should be massive support, and therefore I think pullbacks continue to offer buying opportunities as the market tries to turn itself around.