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Crude Oil Price Forecast – Crude oil markets find support on Monday

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market initially pulled back during trading on Monday but has turned around of form a bit of a hammer like candle. With even more interesting is that we are at the 200 day EMA, so that’s obviously a very bullish sign. There seems to be a lot of technical buying in this area, and if we can turn around to make a fresh, new high that would be an extraordinarily bullish sign as we would leave the previous gap not only filled but behind us. The alternate scenario of course would be that we break down below the hammer, which of course would be very negative. At that point we could drop down to $55.

Crude Oil Video 26.03.19

Brent

Brent markets initially fell as well but turned around to show signs of life again. By doing so, it looks as if we are dancing around the 200 day EMA, an area that of course would cause a significant amount of interest. At this point, it’s very likely that we will continue to see a lot of volatility, but it certainly looks as we will chop overall, and perhaps consolidate. At this point, it’s very likely that the $65 level underneath would be rather supportive as well, and therefore I think it’s only a matter of time before buyers will take over. To the upside, the $70 level would be the target, and would filled a gap from several months ago. Overall, I remain bullish.

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This article was originally posted on FX Empire

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