Crude Oil Price Forecast – Crude oil markets sit still on Monday

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the trading session on Monday, but as you can see cannot hold onto the gains. Ultimately, this looks as if we are starting to see massive resistance built up around the $61 level, but I think that at this point it’s very likely we are going to enter a grinding forward more than anything else. I think that short-term pullbacks will continue to offer buying opportunities, especially near the 200 day EMA. That currently sits at the $59 level, so we do have a little bit of a range to be bothered with at this point.

Crude Oil Video 16.07.19

Brent

Brent also tried to rally but gave back the gains just above the 200 day EMA at $67.10, but also found a lot of resistance at the $67.50 level. Short-term pullbacks continue to be the bane of existence for buyers, and it looks like it’s not until we break above the $67.50 level on a daily close that I would be excited about going long. It looks as if we could probably pull back from here, but I also think there is a ton of support at the $65 level. It’s not until we break down below there that I would suddenly become concerned. To the upside, if we break above the $67.50 level on a daily close, then it opens up the move to the $70 level next, which of course would be a large, round, psychologically significant target.

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This article was originally posted on FX Empire

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