Crude Oil Price Forecast – Crude Oil Markets Trying to Stabilize

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Tuesday, showing signs of stability near the $80 level. The 50 day EMA is sitting just below, and therefore it is likely that we will continue to see a certain amount of buying pressure to push this market around. The market has been in an uptrend for what seems like a lifetime, and it is difficult to imagine a scenario where I would be short of this market. The $85 level above should be a significant target, just as it is previous resistance. All things been equal, I like the idea of buying a break above the top of the high for the session on Tuesday as it would show a continuation of the move.

Crude Oil Video 17.11.21

Brent

Brent markets went back and forth during the day on Tuesday to show signs of confusion, and if we can break above the top of the candlestick, then it is likely that we could go looking towards the $85 level above. The $85 level course is a psychologically significant level, but we have broken through this previously. At that point in time, the market is likely to continue going much higher, and then could open up the move towards the $90 level. If we break down below the $80 level though, it is very likely that we could go looking towards the $75 level underneath. This is a market that has been in an uptrend due to a massive amount of demand, which should only continue to grow.

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