Crude Oil Price Forecast – Crude oil markets continue to grind

WTI Crude Oil

We are still stuck in the same range that we been in for some time now, so at this point it’s more of a back-and-forth scalping type of situation. The $55 level underneath should be thought of as a hard floor, while the ceiling is closer to the $58 level. With the jobs number coming out on Friday, we probably will get a lot of movement in one direction or the other, but the question is whether or not we can actually break out finally? If we do, then the $60 level will be targeted to the upside, just as the $53 level will be targeted to the downside.

Crude Oil Forecast Video 08.03.19

Brent

Brent markets also tried to rally but pulled back from the 200 day EMA is we are still stuck in the same consolidation area that we have been in for some time. I think the $64 level is the bottom of support right now, while the $67.50 level continues offer massive resistance. Looking at this market it’s very likely that we continue to show choppiness more than anything else. If we can break above the $67.50 level, then we probably continue to go much higher. That would clear the 200 day EMA, at the market chasing the $70 level, and then possibly the $72.50 level. If we break down below the $64 level, it’s likely that we go down to the $62.50 level. Ultimately though, this is a market that needs some type of catalyst to get a bigger move. We are at a major inflection point, so once we get a bit of clarity, this market should really start to move.

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