Crude Oil Price Forecast – Crude oil markets volatile on Thursday

WTI Crude Oil

The West Texas Intermediate market broke down below the $55 level again on Thursday, only to turn around and bounce back towards it. At this point, the market looks as if it is trying to figure out where to go next, and more than likely what we are going to see is quite a bit of volatility with a negative slant. The $52.50 level would make a decent target, and the $51 level should offer massive support. To the upside, the 50 day EMA near the $56.50 level should offer significant resistance, so any move toward that area should be faded at the first signs of exhaustion. At this point, there simply is no significant global demand for crude oil.

Crude Oil Forecast Video 16.08.19

Brent

Brent markets didn’t fare quite as well, as although they have bounced, not nearly as much as its cousin. The $57.50 level has offered a bit of support, but I think at this point there is a significant amount of resistance between the $59 level and the $60 level. That was a support range that we had been paying attention to for some time, and now should offer quite a bit of selling pressure in that area as well. Rallies at this point should be selling opportunities at the first signs of trouble and exhaustion. I think that the market probably goes down to the $56 level underneath, possibly even the $55 level. Again, we have a significant amount of concern about global growth out there to keep the patrolling market soft.

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