Crude Oil daily chart, July 29, 2019

Crude Oil Price Forecast – Crude oil markets quiet again on Friday

WTI Crude Oil

The WTI Crude Oil market rallied slightly during the trading session on Friday, bouncing from just above the $55 level. At this point, it looks as if the $55 level is a massive support level, and therefore if we were to break down below there, the market should break down somewhat significantly, perhaps reaching down towards the $55 level. To the upside, the $57.50 level should be resistance, but if we can break above there it’s likely that the market could go to the $60 level which is even more resistive. All things being equal, I think we continue to chop around in the short term, but as soon as we get an impulsive candle stick, we could look for other targets.

Crude Oil Inventories Video 29.07.19

Brent

Brent markets also have been very choppy over the last several days, with the $65 level above is going to be resistance, just as the $60 level underneath is support. In the meantime, I think we just continue to bounce around in this area. If we can get some type of impulsive candle we can follow that towards one of these levels, but right now I think short-term range bound system should continue to work out quite nicely, as this is more or less a scalper’s type of market. I believe that it is only a matter time before we see this market moves, but in the short term it looks as if we don’t really have anywhere to be.

Please let us know what you think in the comments below