Crude Oil Price Forecast – crude oil markets struggleCrude oil markets struggle to keep gains going during the trading session on Wednesday, as the 50 day EMA brings in a lot of technical trading. Beyond that, there is major resistance just above so it is going to take a certain amount of momentum to continue going higher.
WTI Crude Oil
The WTI Crude Oil market tried to rally during the trading session on Wednesday but gave back quite a bit of the gains as we continue to see a lot of noise just below the vital $55 level. That’s an area that has been both support and resistance as of late, and as we continue to try to change the overall trend, it’s going to take a lot of effort to break through there. However, once the market can get above the $55 level it is likely to continue going much higher and take off to the upside for a larger move. In general, I like the idea of buying dips, with the idea that the 20 day EMA will cause a significant amount of technical support.
Crude Oil Price Forecast Video 24.01.19
Brent markets of course looks very similar as you would expect. The 20 day EMA is underneath at the $60 level, and the 50 day EMA is slicing through the candle stick for the day. If we can break above the $64 level, I think it’s likely the Brent will also take off to the upside. Quite frankly, these markets tend to move in the same direction, so if one of the breaks out, the other will surely follow. Both markets are forming the possibility of an inverse head and shoulders, so I do think that it is only a matter time before we get the massive breakout needed. That being said, expect a lot of choppiness.