WTI Crude Oil Price Forecast – crude oil markets flat for the session

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Thursday, as we continue to dance around just below the 50 day EMA, and perhaps more importantly the $55 level which is supposed to be massive resistance. If we can break above that level, I think that this market goes much higher, perhaps reaching towards the $57.50 level initially, and then the $60 level after that. You could even make a case for an inverted head and shoulders, which means that we could go as high as $67.50 level. The alternate scenario is that we break down below the 20 day EMA, which is of course supportive as well.

Crude Oil Forecast Video 25.01.19

Brent

Brent markets of course are very similar, with the resistance barrier being the $64 level, perhaps extending to the $65 level. If we can break above that level, then the market should probably go to $67.50, then perhaps the $70 level. Ultimately, I think that the 20 day EMA underneath is supportive as well, right along with the $60 level. That being said, this is a market that continues to be very choppy but I do think given enough time we will break out to the upside. At that point you can make an argument that an inverted head and shoulders has just kicked off, meaning that we could go to the roughly $80 region. Obviously, it’s going to take some type of catalyst to make that happen though. If we break down below the 20 day EMA on a daily close, then we could go looking towards the $55 level for support.