Crude Oil Price Forecast – Crude Oil Markets Continue to Reach Towards Top of the Gap
WTI Crude Oil
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Monday after initially gapping lower, reaching towards the $37 level as a rank this. The $41 level above is currently the top of the gap, and it has not been filled. It is because of this that I think we eventually get up to that area and test it as it is a common technical play. The 200 day EMA sits just above there and that of course will attract a certain amount of attention as well. At this point, there would be a serious fight on board, and I think we would probably be looking towards pulling back into some type of an eventual range.
Crude Oil Video 23.06.20
Brent
Without a doubt, Brent markets have further to go than the WTI market, as we need to reach the $45 level to fill the gap. At this point, the market will probably pull back towards the $40 level, possibly even the $35 level. At this point in time, the 50 day EMA should offer support which is currently sitting at the $36.90 level. I think we will eventually figure out a longer-term range, but right now we just do not know where that is going to be. With that being the case I like the idea of buying at this point and then closing out closer to the $45 level. If we were to break above the 200 day EMA, then we could probably go looking towards the $50 level next.
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