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Crude Oil Price Forecast – Crude oil markets levitate ahead of the Federal Reserve

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Wednesday, as we continue to bounce around underneath the $55 level. That’s an area that is significant resistance and if we can break above there, it would be a very bullish sign, finishing a “W pattern.” That of course will attract a lot of attention, and it could open up the door to the $59 level based upon the measurement of the pattern.

The alternate scenario of course is that we break down and go looking towards the bottom of the overall consolidation area, which extends from the $55 level down to the $50 level. We have seen a lot of buying near the $50.50 level, and even the $51 level. With all of that, it’s very likely that we see a lot of noise and back-and-forth trading, but if we do get that break out to the upside we could see a significant move.

Crude Oil Price Forecast Video 20.06.19

Brent

The Brent market pulled back initially during the trading session on Wednesday, waiting to break out to the upside. That being the case, the market could get a bit of a pullback, but considering the way the market has behaved of the last couple of days, it’s very likely that there are buyers underneath. Ultimately, the $60 level underneath is support, and also features the 61.8% Fibonacci retracement level. Ultimately, this is a market that should continue to go higher, but we are currently building some type of base.

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This article was originally posted on FX Empire

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