Crude Oil Price Forecast – Crude oil markets quiet during holiday trading

Updated : Jul 4, 2019, 16:33 UTC•1min read

As you would expect, there was very little in the way of movement during the Independence Day holiday as it was solely down to minor electronic trading. After the recent selloff, it’s obvious that the market is trying to figure out where to go next, and the jobs number coming

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the trading session on Thursday as traders were away from their desk for the most part. This is a market that continues to sit around the $57 level, an area that was previously resistance and should now be supported. As we await for the jobs number, it’ll be interesting to see what effect that has at that time. If we can break above the 50 day EMA which is pictured in red, we could make a run towards the $59 level above. Alternately, we could break down and reach towards the $55 level underneath which was significant support. I think at this point it’s a 50-50 proposition.

Crude Oil Forecast Video 05.07.19

Brent

Brent markets of course have done the exact same thing as the two markets tend to move in lockstep. We are currently sitting just above the $62.50 level, so it will be interesting to see whether or not that support can hold. After all it was pretty significant resistance in the past. If we break down through there, this market will probably try to grind its way down to the $60 level. The alternate scenario is that we break above the highs of the day and go looking towards the $65 level after that which is major resistance. Ultimately, this is a market that is at a major inflection point and therefore the next impulsive candle could lead the way.

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