Crude Oil Price Forecast – Crude oil markets show choppiness on Friday

The crude oil markets have done very little during the trading session as we just went back and forth after the jobs figure on Friday. Ultimately, this is a market that is trying to figure out what to do with itself longer term.
Christopher Lewis
Crude Oil daily chart, July 08, 2019

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Friday after we got a stronger than anticipated jobs number. Quite frankly, the market had no idea what to do with itself, so it makes quite a bit of sense that we simply hang in the same area we have been in. The 50 day EMA is currently trading right around the $57.50 level, as we had a major break down earlier this week, and now are just simply hanging about. I believe that there are lot of questions when it comes to the supply and demand situation, so what we are looking at is consolidation between the $55 level underneath and the $60 level above.

Crude Oil Inventories Video 08.07.19

Brent

Brent markets also look a bit confused, but they do look a little bit more positive than the WTI grade. The $65 level above is significant resistance, that extends to the 50 day EMA. If we can break above that EMA, then it’s likely that we would go to the $67.50 level. That is where we see the 200 day EMA, which of course will attract a lot of attention as well. However, if we were to turn around and break down below the $62.50 level, it’s likely that the market would probably go down to the $60 level. One thing I think you can count on as a bit of volatility, so keep that in mind but we have a couple of clear areas that should affect the market.

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