Crude Oil Price Forecast – crude oil pulls back

WTI Crude Oil

The WTI Crude Oil market fell during the trading session on Monday, showing at resistance above the $55 level. At this point, it looks as if the market still isn’t quite ready to go higher, but the one thing that I do notice  is the ability of the market to rally after pullbacks. The 50 day EMA, pictured in red on my chart, continues to offer support as we have seen over the last several days. At this point, I do think that we go higher eventually but it is going to continue to be very choppy. This choppiness makes sense as we had seen such a negative move and the recent past.

Crude Oil Video 05.02.19

Brent

Brent markets pulled back a bit during the trading session as well, as we continue to see a lot of resistance. I believe that the $64 level above is significant resistance, and if we can break above it we will then go looking towards the $65 level, followed by the $66 level. The 200 day EMA is just above there as well, but it does look as if we are trying to form an “inverse head and shoulders”, and that is important because I believe that a lot of people out there are seeing the same pattern. This doesn’t mean that we are going to break out right away, but I do think that eventually the buyers will overtake the sellers, and we should continue to go higher.

Please let us know what you think in the comments below