Advertisement
Advertisement

Crude Oil Price Forecast – crude oil markets continue to chop

By:
Christopher Lewis
Updated: Dec 12, 2018, 17:04 UTC

Crude oil markets went back and forth during trading on Wednesday, as we continue to try to figure out whether or not we are going to get a pop from these major support levels that we have recently been involved with.

Crude Oil Price Forecast – crude oil markets continue to chop

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Wednesday, as we continue to trade within a symmetrical triangle. We are sitting on top of what should be a major support level in the form of $50, but we just don’t have the momentum to continue going higher. Because of this, I think it is a market that isn’t somewhat trouble, but if we can break above the $54 level, then we may make a run at $55, and then eventually the $57.50 level. If we break down below the $50 level, then things break down rather significantly.

Crude Oil Price Forecast Video 13.12.18

Brent

Brent markets rallied a bit during the trading session on Wednesday, but as you can see haven’t really gone anywhere of note. At this point, we are still trying to build up a bit of support underneath, and it looks as if $60 continues to be very important. I don’t have any interest in trying to buy this market quite yet, but if we can break above the $64 level, then I think it will have proven itself to be bullish enough to take a risk on. If we break down through the uptrend line that I have marked on the chart, then it’s likely that we will go much lower, perhaps down to the $55 level initially before drifting even lower than that.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?

Advertisement