Crude Oil Price Forecast – Crude Oil Markets Do Little During Holiday


West Texas Intermediate Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Monday, forming a neutral candlestick. Ultimately, the market looks as if it is trying to go into the gap above, but it is struggling during the holiday session. The candlestick from the Friday session is a bit of a hammer shaped candlestick, which being broken to the downside would open up a “hanging man.” That of course is an extremely negative turn of events and should bring in fresh selling. On the other hand, if we rally from here, we will probably go looking towards the $41 level to fill the gap.

Crude Oil Video 26.05.20

Brent

Brent markets also did extraordinarily little during the trading session on Monday due to a lack of liquidity as well. This is a neutral candlestick that is trying to decide whether or not there is enough momentum to go higher, but quite frankly will not learn much about that during the holiday session. The 50 day EMA underneath offer significant support, so if we break down through that and of course the bottom of the hammer shaped candlestick, it should send this market down to the $30 level. You can see that the area just above at the $37.50 level has offered a significant amount of resistance, if we break above there, we will probably make an attempt to get into the gap which measures all the way to the $45 level above.

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



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