WTI Crude Oil
The WTI Crude Oil market rallied a bit during the trading session on Thursday, breaking above the $61 level. Ultimately it looks as if the market is ready to go towards the $62.50 level, an area that has been previous resistance. Ultimately, the market looks as if it may go looking towards that level and perhaps even break above there. If we do break above, there then it kicks off the next leg higher. That being said though, it is likely to be a bit overextended and short-term pullbacks are likely. In general, this is a market that has recently seen a “golden cross” as the 50 day EMA gets above the 200 day EMA, a longer-term “buy-and-hold” signal.
Crude Oil Price Forecast Video 27.12.19
Brent markets trying to break above the $67.50 level, only to turn around and break down significantly. At this point, market participants continue to be a bit skittish of this area, but if we can break above the $67.50 level, the Brent market will go looking towards the $70.00 level. Pullbacks at this point will be supported at the $65 level, but one thing that should be paid attention to is the fact that the 50 day EMA is going to break above the 200 day EMA, forming the “golden cross” over here as well. Crude oil markets to look supportive, but we may be a bit overextended so looking for value is probably the way going forward. All things being equal, this is a market that has a lot of work to do.
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This article was originally posted on FX Empire
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