Crude Oil Price Forecast – Crude oil markets continue to struggle in general.

Crude oil markets try to rise initially during the trading session on Thursday but then turned around to show signs of weakness yet again. This is a market that continues to struggle in general, as the fundamental outlook for the market is getting weaker.
Christopher Lewis
Crude Oil daily chart, July 19, 2019

WTI Crude Oil

The WTI Crude Oil market initially rallied during the trading session on Thursday but struggled at the $57.50 level and turned right back around to break down again. Ultimately, this is a market that has several fundamental reasons to think that we were going to go higher. Not the least of which of course was the tension between the Americans and the Iranians. That does seem to be abating a bit, especially considering Senator Rand Paul is heading to speak to the Iranians. He is a well-known anti-interventionalist. That being the case, the market is starting to discount that supply disruption. However, there is a significant amount of support underneath at the $55 level, which was previous resistance. All things being equal though, I think you continue to short rallies until the attitude changes.

Crude Oil Forecast Video 19.07.19

Brent

Brent markets tried to rally a bit during the trading session on Thursday, but then broke down significantly. Ultimately the market looks likely to go down towards the $60 level underneath, which is massive support. At this point in time it’s likely that short-term rallies will show signs of exhaustion, and those are moves that I want to take advantage of. Regardless, this is a market that is negative, but I do think that breaking below the $60 level will probably take a significant amount of pressure. That being said, I look to short-term charts as selling opportunities that I can take advantage of. Even with a weakening US dollar, this is a market that looks weak.

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