Crude Oil Price Forecast – Crude oil markets go sideways again on Friday

Crude oil markets did very little during the day on Friday as we continue to hover around major levels. Quite frankly, the market has no idea what to do in the short term, so I think at this point you are probably going to be waiting for an impulsive candle to take advantage of.
Christopher Lewis
Crude Oil daily chart, July 15, 2019

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Friday, showing signs of exhaustion. The $60 level is of course a psychologically important level, and an area where we have seen a bit of resistance. Ultimately, the market looks as if it is trying to get to the $62.50 level, but quite frankly there doesn’t seem to be a lot of enthusiasm in the short term. If we get an impulsive candle, or at least break the top of the shooting star from the Thursday session, the market could go higher. Alternately, if we pull back from here the 200 day EMA which is pictured in blue should be support.

Crude Oil Inventories Video 15.07.19

Brent

Brent markets also tried to rally during the trading session on Friday, breaking towards the $67.50 level which is resistance. The 200 day EMA of course is an area that causes bits of trouble as well. If we can break above the $67.50 level, then the market could go to the $70 level. At this point, I suspect that a pullback from here should reach towards the 50 day EMA which is pictured in red, somewhere around the $65.75 level. At this point in time, the market looks as if it is trying to finally make up its mind, but it’s got a lot of work to do in order to break out. All things being equal, I would keep my position size small.

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