Crude Oil Price Forecast – Crude oil markets rally to kick off week
WTI Crude Oil
The WTI Crude Oil market has rallied significantly during the Monday session, the break out of the short term consolidation that we had been dealing with during the previous week. By doing so, it suggests that the overall uptrend is going to continue, even though we did get a bit of a pushback later in the day. As long as we can stay above the $59 level, I believe that the crude oil markets will continue to grind higher, with the WTI Crude Oil market perhaps leading the way as it is tied closer to the American economy than quite a bit of the global economy.
One thing that does argue for the bullish case is the fact that we have formed a couple of hammers over the last past two weeks, so that of course is bullish. At this point, if we can close above $1300 on the daily chart, then I think we will continue to try to gain from here, perhaps reaching towards the $73.50 level initially. To the downside, it’s going to be more of a grind.
Crude Oil Video 14.05.19
Brent
Brent markets also rallied a bit during the trading session, showing signs of extreme strength before rolling over at the $72.50 level. However, we have made a bullish green candle and we are continuing to break higher longer term, so that of course is a good sign. With that being the case, I believe that it is only a matter of time before we continue to grind higher, and if we can stay above the $60 level, I think the uptrend continues.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
