Crude Oil Price Forecast – crude oil markets continue to chop
WTI Crude Oil
The WTI Crude Oil market went back and forth during the trading session on Wednesday, as we continue to trade within a symmetrical triangle. We are sitting on top of what should be a major support level in the form of $50, but we just don’t have the momentum to continue going higher. Because of this, I think it is a market that isn’t somewhat trouble, but if we can break above the $54 level, then we may make a run at $55, and then eventually the $57.50 level. If we break down below the $50 level, then things break down rather significantly.
Crude Oil Price Forecast Video 13.12.18
Brent
Brent markets rallied a bit during the trading session on Wednesday, but as you can see haven’t really gone anywhere of note. At this point, we are still trying to build up a bit of support underneath, and it looks as if $60 continues to be very important. I don’t have any interest in trying to buy this market quite yet, but if we can break above the $64 level, then I think it will have proven itself to be bullish enough to take a risk on. If we break down through the uptrend line that I have marked on the chart, then it’s likely that we will go much lower, perhaps down to the $55 level initially before drifting even lower than that.
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