Crude Oil Price Forecast – Crude oil markets continue to grind
WTI Crude Oil
The WTI Crude Oil market gap higher, slammed into the $57.50 level, pulled back again, and continues to dance all over the place when it comes to this region. The 200 day EMA is an area that obviously attracts a lot of attention, but it’s not until we can break down significantly below that level on a daily close that we are in the “all clear” when it comes to shorting. If and when that happens, the market probably goes down towards the $55 level underneath. To the upside, if we were to break above the $59 level it’s likely that the market will go looking towards the $60 level, possibly even as high as the $62.50 level.
Crude Oil Video 24.09.19
Brent
Brent markets did the same thing, initially gapping higher, slamming lower, and then finding buyers again as we also are dancing around the 200 day EMA. There is a massive gap underneath but it is built upon the drone attack in Saudi Arabia, something that didn’t do anywhere near the destruction that people had feared. To the upside, if we break above the highs from the last couple of days we could be looking at a move towards the $67.50 level. Otherwise, we should drop from here eventually and once we do the market will go looking towards the $60 level. Clearing the $62.75 level is very likely to be the signal to kick off more selling pressure to fill the gap. Expect volatility and noise, as the market simply doesn’t seem to know where to go.
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This article was originally posted on FX Empire
