Crude Oil Price Forecast – Crude Oil Markets Quiet After Pullback

Crude oil markets were relatively quiet after the significant pullback the day before, as we have nowhere to be.

WTI Crude Oil

The WTI Crude Oil market has pulled back slightly to kick off the trading session on Thursday only to turn right back around and show signs of life again. That being said, the range is relatively small for the Thursday session and it appears that the markets are simply trying to figure out where to go next. The $41 level above is obvious resistance, just as the $35 level underneath is support. I also recognize that we could very well see the $30 level offers support, settling into a $10 range between $30 and $40 which is quite common for crude oil.

Brent

Brent markets have found the $40 level to be somewhat supportive, and it looks like we are going to see a range for here as well. However, unlike the West Texas Intermediate Crude Oil market, we have not seen the gap filled over here. With that in mind, I think there are buyers waiting to step into this market, just as I think the 50 day EMA underneath would probably offer support. Looking at this chart, for me it is obvious that being squeezed between the 50 day EMA and the 200 day EMA is setting this market up for a bigger move, but right now we are simply trying to figure out where the “new normal” happens to be. Because of this I like the idea of looking for dips in the short term, and then playing whatever range presents itself.#CrudeOil##CoronavirusWave2.0##market#

Reprinted from FXEmpire，the copyright all reserved by the original author.