Crude Oil Price Forecast – Crude oil markets looking for support

WTI Crude Oil

The WTI Crude Oil market fell over the last couple of weeks, but during the trading session on Wednesday and Thursday, we have seen a bit of stability. That of course is a very bullish sign as the $50 level underneath is a large, round, psychologically significant figure. Ultimately, as long as we can stay above there, the market should bounce a bit from here. Ultimately, if we were to break down below the $50 level it is likely to fuel mass selling. To the upside, I suspect that the $52.50 level will be resistance, and then eventually the $55 level after that. We are oversold, so I suspect a bounce is coming.

Crude Oil Forecast Video 07.06.19

Brent

Brent markets also have been trying to stabilize during the trading session on Thursday, as we are sitting just above the $60 level, which of course is a large, round, psychologically significant figure. Ultimately, if we break down below the bottom of the candle stick for Wednesday, then we could open the door down to the $55 level. Alternately, if we break above the top of the candle stick from Wednesday, then it’s very likely that we could go to the $65 level. The 61.8% Fibonacci retracement level is showing signs of support yet again, not only in the Brent market but also in the WTI market. In general, I believe that we are due for recovery in both grades of crude oil.

One thing to think about is that we are starting to hear on the news that we have “entered a bear market”, which is almost always assigned that the selling is done.

Please let us know what you think in the comments below