Crude Oil Price Forecast – crude oil markets continue bullish pressure on Friday

By:

Updated: Jun 30, 2018, 03:48 UTC

Crude oil markets continued to rally during the session on Friday, as we continue to see buyers jump in on dips. From a technical standpoint, we are very strong, and I think that the market is moving in a one-way direction currently, so obviously the buyers will continue to run the show.

WTI Crude Oil

The WTI Crude Oil market when sideways initially during the day on Friday, using the 50 EMA on the hourly chart as support, as well as the $73 level. We have broken higher as the Americans have come on board, and it looks likely that we will continue to see buyers on dips, perhaps driving towards the $75 level next. At this point, I have no interest in shorting this market because it is far too bullish, and I think that the disappointment with OPEC production increases will probably continue to push this market to the upside.

Brent

Brent markets rallied again during the trading session on Friday, reaching towards the $79 level. I think that eventually we go looking towards the $80 level above, which is of course a large, round, psychologically significant number. I think that the market has plenty of support near the $77.50 level, and I think that the buyers continue to take advantage of value every time it presents itself in the way of a pullback. I think that the $75 level underneath is now the “floor” in the market, and I have no interest whatsoever in shorting this market. In fact, if we break down I will simply step to the sidelines and look for opportunities to go long in a market that has tremendous amount of positivity attached to it. If we were to turn around and break down below the $75 level, that would obviously be very negative, but I don’t think that’s happening anytime soon.

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.