Crude Oil Price Forecast – Crude oil markets continue to tread water

Christopher Lewis
Crude oil markets continue to tread water, as we have done very little during the trading session on Thursday. With the G 20 coming this weekend, I think a lot of traders are simply a bit cautious about putting money to work.

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Thursday, initially breaking lower but then bounced enough to form a bit of a hammer like candle. At this point we are testing the $60 level above, which of course has a certain amount of psychological importance built into it. Right now, we are simply going back and forth around the 200 day EMA, deciding where we are going longer-term. This is all about the US/Iran tensions, as it threatens the world oil supply. Quite frankly, this is a farce though, because the United States and Iran are not going to war. That could come back to send this market much lower. However, if we break above the $60 handle I’m more than willing to suggest that we are going to the $62.50 level. Underneath, I see a lot of support at the $57.50 level, so we could see buyers on that pullback.

Crude Oil Forecast Video 28.06.19

Brent

Brent markets went back and forth during the trading session on Thursday, as we continue to bounce around the $65 handle. Just above, we have the 50 day EMA at the $66 level, so if we can break above there it’s likely that we can reach towards the 200 day EMA which is currently at roughly $67.40 or so. Ultimately, this is a market that seems to chop around in this vicinity as we await the G 20. At this point, it is probably best to step out to the sidelines when it comes to this market.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

More From FXEMPIRE: