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What's next for Crude OiL heading in year 2020?

By James Laurent





    Crude OiL rallied again during the trading session on Thursday, as it looks hell-bent on going towards the $62 level followed by the $62.50 level which is the top of the overall range. This is a market that I think continues to see a lot of bullish pressure due to the OPEC production cuts as of late. Ultimately, this is a market that looks likely to see buyers on dips, but I don’t know whether or not we can break above the $62.50 level as it is in extreme amount of resistance. If we can break above there though, then crude oil will continue to go much higher. The question now is more or less whether or not there is going to be enough demand. So far, I think it’s probably a stretch.

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