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Crude Oil Price Forecast – Crude oil markets rally significantly

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market shot higher during the trading session on Tuesday, reaching above the body of the ugly candle from the Monday session. By doing so, we have broken back above the 50 day EMA, and have proven the trend line to be resilient. However, we are certainly on shaky ground right now, as the selloff from the session on Monday still has done a lot of damage. At this point, it looks as if we continue more back and forth grind as we have been for well over a week now. If we do break down below the $59 level, then we go much lower, perhaps reaching towards the $55 level.

Oil Forecast Video 15.05.19

Brent

Brent markets rallied as well, as we have held the trend line and the 50 day EMA as well. Because of this, the market has broken to the upside, and it now looks as if we could go to the $73.50 level. Ultimately, the $69 level underneath would be an opportunity for sellers to break down and send this market much lower, but right now it looks as if it has saved itself, and that crude oil could continue to find buyers, especially if the US/China trade talks pick up as far as optimism is concerned.

Alternately, if things get worse, it’s very likely that this pair breaks down significantly and goes much lower. In general, this is a market that I think will continue to be volatile but so far it still positive.

Please let us know what you think in the comments below

This article was originally posted on FX Empire

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