Crude Oil Price Forecast – Crude oil rallies to kick off week

WTI Crude Oil

The WTI Crude Oil market continues to grind back and forth, in a relatively tight range. The market has been going back and forth over the last couple of weeks, as it seems we are trying to build up enough momentum to make a significant move. We are between the 50 EMA and the 200 day EMA, which are a couple of major technical indicators. With that in mind, I think we continue to go back and forth, with the $58 level above offering resistance, just as the $55 level underneath has offered a massive support. Eventually we will break out in one direction or the other, and then simply follow.

Crude Oil Video 05.03.19

Brent

Brent markets rallied a bit during the trading session on Monday to kick off the week, showing $65 to be supportive. Ultimately, the analysis is almost the exact same as over in the WTI Crude Oil market, as we are stuck between the 50 day EMA at the 200 day EMA. Again, what we need to see is an impulsive candle in one direction or the other that we can take advantage of. Until then, short-term back and forth trading is probably what we’re going to see over the next several days, so if you are quick and can go back and forth, this might be an excellent market for you, but at the end of the day it’s very difficult to put significant money to work here.

Please let us know what you think in the comments below