Crude Oil Price Forecast – Crude Oil Markets Continue To Cut

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Crude Oil Video 06.29.20

Brent

On Friday, the Brent markets retreated slightly during the trading session as we continue to see a lot of turbulence in this market. That said, the Brent market has not yet closed the gap, so it is very possible that we can continue to the $ 45 region. At this point, we would also have a significant resistance barrier in the form of the 200-day EMA, which certainly deserves special attention. With that in mind, I like the idea that we’re buying value based on the 50-day EMA that offers support. We have not formed the following range, but with enough time we should and therefore it is worth being patient. I think there is even more upward pressure than downward pressure, so this is something you need to keep in mind as we move forward.

For an overview of all of today’s economic events, see our economic calendar.

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