Crude Oil Price Forecast – Crude Oil Markets Continue to Test Gap
WTI Crude Oil
The WTI Crude Oil market went back and forth during the trading session on Tuesday, as we continue to struggle with the idea as to whether or not we are going to fill the gap above. Quite frankly, the oil market has been extraordinarily resilient, and there is some technical premise for doing so. Whether or not we can break above the $41 level, the top of the gap, is an entirely different question altogether. The 200 day EMA sits just above the $41 level as well, so that is also worth paying attention to. The hammer from the Monday session being broken to the downside could open up an attempt to break down through the $30 level.
Crude Oil Video 27.05.20
Brent
Brent markets went back and forth during the trading session on Tuesday as traders came back to work. At this point, the market looks as if it is a bit confused, dealing with the $37.50 level and the 50 day EMA underneath. At this point, the market is likely to go back and forth in the short term, but if we were to break out, then the $40 level will be the target. If we break above there, then it is possible that we go to the $45 level which is the top of the gap and where we will see the 200 day EMA come into play. A break down below the 50 day EMA would be negative and probably open up another couple of dollars’ worth of selling.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
