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Crude Oil Price Forecast – crude oil opens the week with volatility

Crude oil markets continue to be very noisy, rallying towards the top of the gap from the open on Friday. At this point, it’s likely to see a bit of resistance after that rally, especially considering that crude oil markets have been negative.
Christopher Lewis
Crude Oil daily chart, July 24, 2018

WTI Crude Oil

The WTI Crude Oil market has rallied a bit during the day on Monday and is up 1.44% as I record this video. The market is likely to fill the gap now, that was formed during the open on Friday. It’s likely that the sellers will come back somewhere near the $69.50 level, and most certainly near the $70 level as it has a certain amount of psychological importance attached to it. At this point, I suspect that the sellers will come back eventually as the move has been so strong. However, a bounce was probably needed to calm the markets down and offer opportunities.

Brent

Brent markets rallied significantly during the trading session on Monday, as it has gained 1.43% while I write this. However, there is a previous uptrend line that we are testing, and it does look like it is trying to offer resistance. The $75 level above would offer a significant amount of resistance as well, so keep that in mind. If we were to close above the $75 level on a daily chart, then I might be convinced to start buying. Otherwise, I think looking for short-term exhaustion is probably the best way to go, shorting when we get the opportunity to do so in this market. If the US dollar continues to strengthen longer-term, that will of course continue to drive a bearish pressure into this market as well. Fears of a trade war also suggested perhaps energy demand could be dropping.

Crude Oil Video 24.07.18

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