Crude Oil Price Forecast – Crude Oil Markets Finally Pull Back a Bit

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Thursday finally, after sitting at major resistance for several days in a row. Looking at this market, it is only a matter of time before we see value hunters coming back into pick up this market which has been so bullish for so long. I believe that the 50 day EMA underneath continues to offer potential support as well, as it sits right at the bottom of the gap from before. I like buying dips, and of course would like to buy a breakout above the 200 day EMA, but I think we need to pullback in order to build up the necessary momentum.

Crude Oil Video 10.07.20

Brent

Brent markets also pulled back during the day as you would anticipate, with a major amount of volatility in markets overall. The $41.50 level was challenged via the pullback, but I think Brent still has further to go to the upside in relation to the WTI market. To the downside I still see the 50 day EMA underneath offering plenty of support as it is the bottom of the overall gap. I think that the closer we get to that area, the more likely we are to see more buyers jump in. To the upside, believe that the top of the gap near the $45.50 level is the target, right along with the 200 day EMA. However, you may have a couple of days to put money to work.

For a look at all of today’s economic events, check out our economic calendar.

 

This article was originally posted on FX Empire

More From FXEMPIRE:

• USD/JPY Price Forecast – US Dollar Slumps Against Japanese Yen

• GBP/JPY Price Forecast – British Pound Continues to power towards 200 EMA

• Natural Gas Price Forecast – Natural Gas Markets Continue to Build Bullish Flag

• Oil Under Pressure As Some Traders Lose Patience Waiting For An Upside Breakout

• Gold Price Forecast – Gold Markets Pullback to Major Area

• Silver Price Forecast – Silver Markets Running Into Exhaustion