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Crude Oil Price Forecast – crude oil markets run into resistance

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the trading session on Thursday, as we have broken above the $50 level, but still remains underneath the 50 day EMA. That’s an area that of course will offer resistance that extends to the $55 level as well. A break above the $55 level should open up the door to much higher pricing, but I think in the short term we are looking at a small pullback, perhaps retesting the $50 level to find value. The 20 day EMA underneath should offer dynamic support at this point. If we break down below there, then we could see a return to the $45 handle.

Crude Oil Forecast Video 11.01.19

Brent

Brent markets had a bit of a choppy and sideways session during the day on Thursday, as we are hanging just below the 50 day EMA. The $60 level underneath should be support, such as the 20 day EMA will as well. However, at this point I think that if we break above the 50 day EMA, extensively the $62 handle, then I think that Brent could lead the way to much higher levels. $65 would be the next target, reached by the $70 level. By breaking above the downtrend line a few sessions ago, it shows signs that we are going to continue to go higher. I think at this point it’s likely that we have bottomed.

This article was originally posted on FX Empire

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