Crude Oil Price Forecast July 21, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially was bullish during the day on Thursday, but then turned around to fall towards the $47 level. I think if we close below the $46.75 level on the daily chart, the market should then drop towards the $46 level underneath. Currently, looks likely that buyers are looking at this as a buying opportunity and value, but I believe that longer-term forces still work against the oil markets, so I prefer to sell if we can get the correct type of close during the daily chart. Ultimately, the market will be volatile regardless what happens next.

Crude Oil Forecast Video 21.7.17

Brent

Brent markets also fell, slicing below the $49.50 level at one point. Because of this, it’s likely that we will see a continuation of the downward pressure, perhaps leading the market towards the $49 level. There’s a lot of noise underneath, so I think that it will be choppy. The $50 level offered significant psychological resistance, and it’s an area that I would expect the sellers to be very aggressive in. Longer-term, I believe that Brent markets will continue to fall, and therefore I don’t have any interest in buying until we clear the $50 level significantly on the daily chart because we are so close to that massive resistance barrier. Ultimately, I think this market continues to be volatile but I would not be surprised at all to see some type of negativity in this market over the next several sessions. If we were to break down below the $49 level, I think we could continue to fall significantly from there as it takes very little to roll the oil markets over these days. Bouncing around is the one thing I think you probably can count on as there is so many things out there in the back of trader’s mines.