Crude Oil Weekly Price Forecast – Crude oil markets crater for the week

Crude oil markets got absolutely hammered during the week, as a lot of the tension between the Americans and the Iranians seems to be going away, or at least the markets paying much less attention to them. That being said, we also have that pesky little problem with global growth.
Christopher Lewis
Crude Oil weekly chart, July 22, 2019

WTI Crude Oil

The WTI Crude Oil market found the $60 level to be far too expensive during the week, and we have broken down as a result. By doing so, the market looks very likely to continue to struggle but we are sitting right on top of major support as we finish the week. The $55 level of course is an area that will attract a lot of attention, but I think it’s obvious at this point that the sellers are starting to take control again. After all, the weekly candle has wiped out the previous 3 ½ weeks. I believe selling rallies continues to be the way forward.

WTI Video 22.07.19

Brent

Brent markets of course look the same, as we have found the $67.50 level to be far too expensive. At this point, we have wiped out several weeks’ worth of strength previously, and now it looks like we are going to go down to the $60 level. If we can break down below that level, the market more than likely will go down to the $50 handle. I like selling short-term rallies, and as a result I’m looking for signs of weakness to take advantage of. I also feel the same way about a move below the $60 level, either way I have no interest in buying this market. Ultimately, it looks as if the global slowdown is going to continue to be a major issue as demand will certainly struggle in that scenario.

Please let us know what you think in the comments below

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