FXEMPIRE
All

Crude Oil Price Forecast – Crude Oil Markets Run Into Resistance

Crude oil markets got a bit of a boost after the airstrike by the Americans. Over the last couple of days, we have seen a lot of noise, but what’s most telling is that the market could not break out.
Christopher Lewis
Crude Oil Price Forecast - Crude Oil Markets Run Into Resistance

WTI Crude Oil

The West Texas Intermediate markets broke higher during the trading session on Monday but ran into enough resistance at the $65 level to turn things back around to form a bit of a shooting star. That being said, the market is running into some exhaustion. At this point, the Iranians haven’t really retaliated, although they have made a few poignant statements. If tensions continue to escalate, this market will break through the $65.00 level. Otherwise, it’s very likely that the market will probably pull back from here, trying to wipe out the last couple of candlesticks on the daily chart. Either way, I’d be a bit leery about shorting.

Crude Oil Video 07.01.20

Brent

Brent markets gapped higher to kick off the Monday session as well, and even broke above the $70 level at one point. However, it has turned around completely to show signs of exhaustion and form a shooting star like candle. Because of this, the market has shown that the $70 level will still be respected, and therefore a pullback makes quite a bit of sense. The market could pull back towards the $67.00 level, but if we were to turn around a break above the shooting star, then the market is likely to go looking towards the $72.50 level after that. At this point, the markets are simply waiting to see whether or not the Iranians do anything. At this point, we seem to be more or less in a “holding pattern” when it comes to crude and the Iranian reactions.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US