Crude Oil Price Forecast – crude oil continues to look soft

WTI Crude Oil

The WTI Crude Oil market has gone sideways overall, and I think that the market is trying to build up a little bit of confidence for rally. However, I think that rally will be a nice selling opportunity based upon the massive selling pressure that we have seen as of late. Any rally towards the $70 level, I would be more than willing to short this market. This would be confirmed by signs of exhaustion, and of course the large, round, psychologically important number will probably attract a lot of attention.

Brent

Brent markets also drifted sideways with a slightly upward tilt during the session, but we have recently broken down below a major uptrend line, and that of course is a negative sign, perhaps driving down to the $70 level after that. Rallies are to be sold, and I have no interest in buying this market until we clear the $75 level on a daily close, something that doesn’t look very likely to happen right now. Ultimately, I think that this market will continue to drift lower, but if we did break above the $75 level on a daily close, we could go back to revisit the $77 level at that point. The Saudi Arabians offering more supply to the market and the strengthening US dollar both will continue to put bearish pressure on this market. Beyond that, I think the least that you can expect is volatility here.

Crude Oil Price Forecast Video 19.07.18