Crude Oil Price Forecast – Crude Oil Recover After Vaccine NewsCrude oil markets rallied a bit on Monday as we have another vaccine out there that looks likely to head to market. That being said, there still too much oil.
WTI Crude Oil
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Monday to break above the 200 day EMA. Having said that, the market still has a lot of resistance above at the $43.50 level as well. I think this rally is probably short for this world, and therefore sellers will probably step back in and punish those who would trade in such a significant impulsive move. Ultimately, if we break down below the 50 day EMA which is currently at the $39.75 level, then we probably go looking towards the bottom of the range near the $36.25 level.
Crude Oil Video 17.11.20
Brent markets rallied right into the 200 day EMA, showing signs of bullish pressure yet again, but at this point in time I think this is a market that continues to see a lot of resistance above and therefore I think it is only a matter of time before we roll over again. The 50 day EMA underneath is near the $42 level, and therefore it might be a bit of a target and perhaps even support. If we were to break down below there, then the market likely goes down towards the $39 level. That being said, it is difficult to imagine that just because there is a vaccine all of the sudden, we have huge demand for crude oil. Buyers who have stepped in in the last 24 hours are more than likely short-term buyers more than anything else and once the fundamentals come back into play it is likely that we will see selling again.
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