Crude Oil Price Forecast – Crude Oil Markets continue to levitate

WTI Crude Oil

The WTI Crude Oil market continues to be very dormant, and back and forth. It’s not really a matter of volatility, I think it’s more or less a matter of not having anywhere to be. That being said, let’s take a look at the range that we are trading in, and use it to our advantage here. The $57.50 level of course offers significant resistance, coinciding not only with the recent selling pressure in that area, but also the 50 day EMA.

At this point, the $55.00 level has offered fairly reliable support, and has been significant resistance in the past. Because of this, I think we simply bounce around in this $2.50 range, which makes sense considering that this is the slowest time of the year. Beyond that, we also have conflicting reasons to be both bullish and bearish, but the biggest concern here of course is a lack of global demand.

Crude Oil Video 30.07.19

Brent

Of course Brent markets will be the same thing, as the two markets do tend to move in the same direction. The $62.50 level underneath is support, just as the 50 day EMA above pictured in red is resistance. I do think that it’s likely that we may try to drift below the $62.50 level, but it’s very unlikely that it happens easily. The one thing that does favor the downside in this market though is the fact that we have extending wicks to the upside over the last three sessions. Overall though, I expect a relatively quiet market.

Please let us know what you think in the comments below