WTI Crude Oil Forecast: Had Choppy Friday Session

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Friday, as we continue to see a lot of confusion in financial markets overall. After all, oil is the lifeblood of the markets, so therefore it does make quite a bit of sense that we would see a neutral candlestick as there are so many questions.

  • The $87 level underneath has been short-term support, while the $94 level above has been resistance.
  • The 50 Day EMA is starting to drop at this point, and perhaps reach the 200 Day EMA.
  • We are getting relatively close to a “death cross”, which is a very negative situation, and could send algorithmic traders to the downside.

The market has been drifting lower for a while, and now that we are hanging around this consolidation area, it is worth noting that you could make out a little bit of a falling wedge here, so we might get a bounce. Any rally at this point in time is probably short-lived though, perhaps allowing just a bit of a move toward the $100 level. 

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