Crude Oil Price Forecast – crude oil continues to grind sideways
WTI Crude Oil
The WTI Crude Oil market went back and forth during trading on Wednesday, as we are currently trading between the 20 day EMA and the 50 day EMA. There is significant support at the $50 level as well, and therefore it makes sense that we should see buyers on the dips. We have broken above a downtrend line, and now I believe we are trying to build up the necessary momentum to continue going higher. On a daily close above the 50 day EMA, I think that’s a buying opportunity for a larger move, perhaps reaching towards the $57.50 level.
Crude Oil Price Forecast Video 17.01.19
Brent
Brent didn’t do much during the day, as we continue to hover around the $60 level. The 50 day EMA is just above, so we can break that level, pictured in red on the chart, then I think we can continue to go towards the $65 level, perhaps even the $62.50 level. Ultimately, the 20 day EMA is just below pictured in green, and it is starting to slant upward. I think we are getting ready to see a break out in oil, but right now we don’t seem to have the momentum. As soon as we get a daily close above that read EMA, I’m going to start buying. If we break down below the 20 day EMA, it’s very likely that we will go looking for support closer to the $55 handle.
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