Yahoo Finance Crude Oil Price Forecast – Crude oil markets continue to chop
WTI Crude Oil
The WTI Crude Oil market initially tried to rally during the trading session on Wednesday but then rolled over to form a less than impressive candlestick. We do have an uptrend line just below that could cause a bit of support, so I think at this point we can expect a lot of choppy and busy trading. If we break the trend line, then we will probably go looking towards the $60 level before bouncing back to retest the trend line. The alternate scenario is that we rally, but the $65 level seems to be rather resistive.
Crude Oil Price Forecast Video 02.05.19
Brent
Brent markets also are trying to walk along this uptrend line, but as you can see there is a significant amount of resistance above. The $75 level above has offered significant resistance, so the question now is whether or not we can continue to grind higher, or do we break down. I will say that the weekly candle stick last week look very dire, so now it’s a question as to whether or not momentum can continue to carry us higher. The moving averages, both the 50 and the 200 day EMA indicators are sitting just below the uptrend line. In other words, there’s a lot underneath that could support this market. However, there are a lot of concerns about global growth so will have to see whether or not that can be ignored any further. We are most certainly at an inflection point so it might be best to leave the Brent market alone.
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This article was originally posted on FX Empire
