Crude Oil Price Forecast – Crude Oil Rallies

WTI Crude Oil

The WTI Crude Oil Market initially pulled back during the trading session on Wednesday but then started to see a bit of a rally due to the inventory numbers coming out much more bullish than anticipated. By doing so, it looks as if we are starting to see a bit of demand creep back into the picture, but I wouldn’t get overly excited about it. I think this is simply going to be a scenario where we are trying to continue to see this market go back and forth in this $10 range with the $50 level underneath being support in the $60 level above being resistance.

Crude Oil Price Forecast Video 24.10.19

Brent

Brent markets initially pulled back during the trading session as well, but then turned around to reach towards the $60.50 level. The 50-day EMA is in this range, and if we can break above there it should send this market much higher. All things being equal, it’s likely to see the market reaching towards the 200-day EMA, if not the top of the consolidation area that extends to the $70 handle. Because of this I believe that the market has further to go to the upside and alley buying dips in both grades of crude oil as we continue to see a base be built, and likely to continue attracting a lot of value hunters out there. All things being equal, this is a market that is going to be noisy and erratic, but it certainly has more of an upward proclivity in the short term.

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