Crude Oil Price Forecast – Crude oil trying to find a bottom

Crude oil markets did very little during the trading session on Monday, as markets in general took a break. Keep in mind that the Federal Reserve has a statement coming out on Wednesday that will greatly influence markets overall.
Christopher Lewis
Crude Oil daily chart, June 18, 2019

WTI Crude Oil

The WTI Crude Oil market did very little during the trading session on Monday, as we continue to see the $50 level underneath show signs of support. That being the case, the market looks as if the buyers could come back into this market on dips, but ultimately it’s very unlikely that we will do much between now and the FOMC Statement that will obviously move where the US dollar goes next, and perhaps the idea as to whether or not the economy will get the stimulus that so many people tend to crave.

Looking at the chart, if we were to break down below the $50 level, then it’s very likely that we unwind down to the $47.25 level, and then eventually the $45 level underneath. The alternate scenario is to buy short-term dips for short-term trades, and a break above the $55 level should send this market much higher as it would be a major break down of significant resistance.

Crude Oil Video 18.06.19

Brent

Brent markets did very little during the trading session as well, but the $60 level underneath should offer massive support, because not only is it a large, round, psychologically significant figure, but it is also the 61.8% Fibonacci retracement level which of course attract a lot of attention. If we were to break down below the lows of the last couple of days, we could reach down towards the $55 level underneath, which is also a large, round, psychologically significant figure. As far as breaking to the upside, if we can clear the highs of the trading session on Friday, then I think we probably go to the $66 level initially.

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