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Crude Oil Price Forecast – Crude oil recovers during Tuesday session

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market rallied during the trading session on Tuesday after touching the 200 day EMA. That being the case, it’s very likely that we are going to continue to see a lot of volatility as there has been significant resistance above at the $61 level. The $60 level of course is an area that will attract a lot of psychological significance, so at this point it’s likely that we continue to see a lot of volatility in this area. There are a lot of moving pieces out there that could influence this market, not the least of which will be trouble with the Iranians. However, we have to worry about global growth, and whether or not there will be demand. I think we still see a lot of confusion but we are technically in and uptrend still.

Oil Forecast Video 17.07.19

Brent

Brent markets also rallied during the trading session, reaching towards the vital 200 day EMA. If we can get a daily close above the $67.50 level, then the market could go higher, perhaps looking towards the $70 level. The 50 day EMA underneath should offer support, so I think at this point it’s only a matter time before the buyers take over. All things being equal, if we break above there we will have sliced through a couple of shooting stars, so that of course is an extraordinarily bullish sign. As for support, we also should see it near the $65 level underneath, which should keep this market somewhat afloat. I would expect a lot of choppy and short-term trading at this point.

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This article was originally posted on FX Empire

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