Crude Oil Price Forecast – Crude oil markets continue to chop sideways

The crude oil markets are struggling to find any real momentum, as we have a large amount of factors coming into the marketplace to throw things around. The markets are presently looking for direction, so we should eventually form an impulsive candle.
Christopher Lewis
Crude Oil daily chart, July 24, 2019
oil field, the oil workers are working

WTI Crude Oil

The market is going sideways yet again and looking at the factors in this market its unlikely that we still won’t be able to take too many trades with confidence, at least in the short run. The troubles between the Americans and Iranians can’t seem to give this market a boost, so that is probably the biggest hint that the market is extraordinarily bearish. The market seems to have a lot of support underneath at the $55 level, so there is a chance that we can bounce from there. The level being broken through would be a sell signal and could send this market down towards the $52.50 level next. Rallies at this point are more than likely going to be faded.

Oil Forecast Video 24.07.19


The Brent markets have gone back and forth during the session on Tuesday, as we cannot get a lift. However, we are at a minor support level in the form of $62.50 level. This area is also possibly a buying area, but at this point if the oil markets cannot life in the face of geopolitical tensions between the Iranians and the West, what will make them rally? I suspect there isn’t much to cause that to happen, and a major lack of global demand seems to be a major problem with this market. The lack of growth will continue to be a significant problem for traders that are bullish. Beyond that, there is the 50 day EMA just above causing major resistance. If we were to break below the $60 level, the markets could really unwind at that point.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.