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 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
More From FXEMPIRE:
- Gold Price Prediction – Gold Prices Ease but Trend Points to Higher Prices
- Gold Price Forecast – Gold markets pull back
- E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – May 14, 2019 Forecast
- Gold Price Futures (GC) Technical Analysis – In Position to Post Potentially Bearish Closing Price Reversal Top
- US and China are Trying to keep Markets from Decline
- Natural Gas Price Forecast – Natural gas markets give up gains