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Crude Oil Price Forecast – Crude oil breaks down again

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market has broken down a bit during the trading session on Tuesday, reaching towards the $53 level. At this point, the $53 level is a large, round, psychologically significant figure, and it is also an area that has caused support recently. If we break down below this level, then it opens up the door down to the $51 level next, followed by the $50 level which of course is a psychologically important figure as well. Rallies at this point look to be selling opportunities, with the 50 day EMA above offering plenty of resistance. Beyond that, we also have a downtrend line that comes into play.

Oil Forecast Video 04.09.19

Brent

Brent markets broke down during the trading session on Tuesday, slicing through a symmetrical triangle and showing signs of more negativity. At this point, the market is very likely to reach down towards the $55 level underneath. At this point, any rally at this juncture will probably show plenty of selling opportunities. The uptrend line that makes up the symmetrical triangle should offer resistance, so any rally at this point it’s likely to give you an opportunity to sell again. The $60 level above is a large, round, psychologically significant figure and an area that should cause quite a bit of resistance. All things been equal though it’s very likely that this market continues lower.

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This article was originally posted on FX Empire

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