Crude Oil Price Forecast – Crude oil markets explode to the upside
WTI Crude Oil
The WTI Crude Oil market has rallied significantly during the trading session on Thursday, gaining as much is 5% early in your, reaching towards the 50 day EMA. However, there is a lot of resistance just above, and we may have, bit too far in the short term. Don’t fear though, there will be plenty of buying opportunities on pullbacks. The Iranians and the Americans chirping at each other isn’t going to help situations either, so I think at this point it’s only a matter of time before buyers would pick up any value that shows up.
Crude Oil Forecast Video 21.06.19
Brent
Brent markets of course did the same thing as we continue to see a line of crude oil volatility due to both Iran and the US dollar. As stimulus comes into play, it makes sense that crude oil should rally a bit as well. However, there is still concerns about demand so I don’t know if we have a longer-term breakout to fresh highs, or if we simply reevaluate the situation and go looking towards the $67.50 level. Again though, this is a market that may have gotten ahead of itself so look for short-term pullbacks as buying opportunities. Commodities will of course benefit, and obviously crude oil shouldn’t be any different. With that, I am bullish in the short term but I do think that eventually we will find sellers above, as we are probably going to start a huge consolidation area.
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This article was originally posted on FX Empire
