Crude Oil Price Forecast – Crude oil markets show strength yet again
WTI Crude Oil
The WTI Crude Oil market shot towards the 200 day EMA during the trading session on Wednesday, slamming into the 200 day EMA. This of course is a very important long-term technical signal so we could see sellers jump into this market. That being said, I think that what we are looking at is a market that is trying to change the longer-term trend, but we have recently just hit a major target, based upon the “W pattern” at the bottom. It was four dollars tall, and breaking out at the $55 level, we were aiming towards the $59 level. Now that it’s been fulfilled, I suspect we may get a little bit of a pullback.
Crude Oil Price Forecast Video 27.06.19
Brent
As per usual, Brent is looking very much the same, as we sliced through the 50 day EMA. 50 day EMA of course is a longer-term signal, but we pulled back enough to suggest that we are trying to build up enough momentum to go higher. If we can break above the candle stick for the session, that’s a very bullish sign for the market, as it would show a continuation and of course a break of major resistance.
On the other hand, I anticipate that a pullback suggests that we are looking for buying opportunities underneath at the $64 handle. At this point, it’s very likely that the market will try to go to the 200 day EMA as well, but it seems as if the Brent market will follow right along, but looking at short-term pullbacks should offer plenty of opportunities.
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This article was originally posted on FX Empire
