Crude Oil Price Forecast – Crude oil markets rally slightly

WTI Crude Oil

The WTI Crude Oil market rallied slightly during the trading session on Tuesday, as we are trying to reach towards the $55 level. At this point, the market looks very likely that we will continue to see downward pressure after a short-term rally, as we have a massive downtrend line just above. Beyond that, we also have the 50 day EMA which is at the $56 level. Overall, I think that the market will continue to find plenty of reasons to fall simply because the lack of demand globally will continue to be a major issue. With that, and a slowing global economy, I think fading rallies will continue to work, but we may get an opportunity to short at higher levels.

Oil Forecast Video 28.08.19

Brent

Brent markets also rallied during the trading session but has plenty of resistance above at the $60 level, and then above there we have the 50 day EMA and the downtrend line. This is essentially a $2.00 level of resistance that will continue to work against the value of the market, as demand around the world is going to continue to drift lower. If the United States is considered to be the strongest economy in the world, it should be noted that Brent is typically used in other countries. If there is a global slowdown coming, Brent will be one of the first places you see a plenty of sellers. Ultimately, the market is probably going to find sellers just above either at the $60 level, or perhaps even the $62 level.

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