Crude Oil Price Forecast – Crude Oil Markets Do Very Little on FridayCrude oil markets were very slow and sluggish on Friday, as we continue to go sideways in general. Quite frankly, we desperately need some type of catalyst.
WTI Crude Oil
The WTI Crude Oil market has drifted a little bit lower during the trading session on Friday to in the week on a somewhat stagnant no. Looking at the market, we have gone back and forth overall, and therefore I think we will continue to see more of this as we are in the height of vacation season and quite frankly a lot of people just are not interested in putting a lot of money to work. Furthermore, we have the US dollar falling in the OPEC production cuts lifting the market, but at the same time you have to wonder whether or not there is going to be any demand. At this point, it is simple scalping back and forth at a somewhat steady and slightly upward pace that we should continue to see.
Crude Oil Video 17.08.20
Brent markets of course look the same, as the two markets tend to move in the same direction. The 200 day EMA sits just above and could continue to offer resistance, just as the 50 day EMA underneath could offer support. The market continues to see a lot of back and forth between these two moving averages, which of course is essentially to the biggest trend indicators that people will use. As long as we stay between these two moving averages, I anticipate that the market is going to be back and forth and really has nowhere to be. All things being equal, you can be a short-term scalper in this market, but that is about it until something changes.
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