Crude Oil Price forecast for the week of July 3, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market bounced from the $42.50 level, breaking above the $45 level. It looks as if the buyers are trying to push towards the $47.50 level, but I would expect to see a lot of resistance in that area. I’m looking for and exhaustive candle to take advantage of as we certainly have a lot of headwinds when it comes to pricing of crude oil. The oversupply continues to be extreme, and of course the demand hasn’t exactly been stellar either. American producers continue to drive down the cost of oil as they fled the market.

Brent

Brent markets initially fell, but found enough support at the $45 level to break above the $47 level to continue going higher. The market should then reach towards the $50 level above, which is a resistance barrier that I think will not be overcome. I’m looking for exhaustive candles to start selling, and perhaps push towards the $45 level underneath. I’m not interested in buying, I’m looking for an opportunity to short.