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

The crude oil markets rallied a bit during the course of the week, breaking above significant resistance. Ultimately, oil markets may be getting a bit of a boost due to the tropical storm hitting the Gulf Coast.
Christopher Lewis
Crude Oil weekly chart, July 15, 2019
Sunset time of oil pump, oil industry equipment

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the course of the week, breaking above the $60 level. By doing so, the market looks as if it is trying to break out but quite frankly we have not been able to do so quite yet. There is resistance above head the $62.50 level, as well as the $65 handle. At this point in time it’s very unlikely that we continue to see as much confusion, because it does look like we are trying to break out. If we do, then the obvious levels above will be targeted. To the downside, it looks as if the $58.50 level is offering support. It should be noted that the moving averages are sideways, so that does suggest a bit of choppiness on the shorter time frames.

WTI Video 15.07.19

Brent

Brent markets rallied a bit during the week, aiming for the $67.50 level. That’s an area that has been important more than once, so it doesn’t surprise me that we failed to break above there. If we do finally break above there though, the market is going to go looking at the $70 level next, then possibly the $75 level. To the downside, the $64 level looks to be offering significant support. All things being equal, I believe that this market is trying to form a bit of a bottom, but this situation is going to be noisy so keep that in mind. I suggest that perhaps using a small position until proven correctly.

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