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Crude Oil Price Forecast – Crude oil markets continue to chop sideways

Christopher Lewis

WTI Crude Oil

The market is going sideways yet again and looking at the factors in this market its unlikely that we still won’t be able to take too many trades with confidence, at least in the short run. The troubles between the Americans and Iranians can’t seem to give this market a boost, so that is probably the biggest hint that the market is extraordinarily bearish. The market seems to have a lot of support underneath at the $55 level, so there is a chance that we can bounce from there. The level being broken through would be a sell signal and could send this market down towards the $52.50 level next. Rallies at this point are more than likely going to be faded.

Oil Forecast Video 24.07.19

Brent

The Brent markets have gone back and forth during the session on Tuesday, as we cannot get a lift. However, we are at a minor support level in the form of $62.50 level. This area is also possibly a buying area, but at this point if the oil markets cannot life in the face of geopolitical tensions between the Iranians and the West, what will make them rally? I suspect there isn’t much to cause that to happen, and a major lack of global demand seems to be a major problem with this market. The lack of growth will continue to be a significant problem for traders that are bullish. Beyond that, there is the 50 day EMA just above causing major resistance. If we were to break below the $60 level, the markets could really unwind at that point.

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This article was originally posted on FX Empire

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