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Crude Oil Price Forecast – Crude oil markets bullish again

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market has rallied a bit during the trading session on Tuesday, reaching above the 200 day EMA which of course is a very bullish sign. With that in mind it’s very likely that there should be some follow-through after the trend line break. Keep in mind that the global growth situation is possible problematic downward pressure, but at the end of the day it’s likely that the OPEC production cuts are starting to come into play. Beyond that, the Iranians continue to cause noise as well, so it’s likely that the market participants will continue to pick this up on short-term pullbacks as I think we are heading towards the $60 level now.

Oil Forecast Video 11.09.19

Brent

Brent markets also rallied during the trading session on Tuesday, as it looks like we are heading towards the $65 level, which is not only a large round number, but also the 200 day EMA. If we were to break above the $65 level, it’s likely that we could go much higher, perhaps reaching towards the $67.50 level. Above there, we would be looking towards the $70 level. Ultimately, if we get a bit of a pullback, I think there should be plenty of support near the red EMA which is the 50 day EMA at the $61.64 level underneath. All things being equal we have broken through a major downtrend line and now have broken above the 50 day EMA, we are now looking suddenly bullish. Pullback should offer buying opportunities.

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This article was originally posted on FX Empire

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