Yahoo News Crude Oil Price Forecast – Crude Oil Markets Continue to Put Traders to Sleep
WTI Crude Oil
The West Texas Intermediate Crude Oil market initially fell during trading on Tuesday but found enough buying pressure near the $40 level to break above the $41 level by the time New York came online. Ultimately though, we are simply going back and forth and killing time in order to figure out where to go next. The 200 day EMA will more than likely cause a bit of resistance, so having said that I think that it is only a matter of time until we get some type of bigger move. If we can get an impulsive daily close above the 200 day EMA, then I think we are ready to go towards the $49 level. Until then, it is probably going to be a “buy on the dips” type of scalping market.
Crude Oil Video 05.08.20
Brent
Brent markets also look very much the same, as they have nowhere to be. With that being the case, the market is likely to see a lot of volatility going forward, but on short-term charts more than anything else. I think that the market is still trying to figure out what to do with itself and therefore it is likely that we will continue to look for some type of reason to break out, but right now we simply do not have it. One of the biggest drivers for crude oil to go higher is probably going to be the US dollar and its lack of momentum to the upside. If the US dollar continues to lose value, then it will buy is very nature drive up the price of oil as it will take more of those US dollars to buy a barrel of oil.
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This article was originally posted on FX Empire
