Crude Oil Price Forecast – crude oil bounces from significant support

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Christopher Lewis

Updated Thu, Aug 2, 2018, 9:45 PM

WTI Crude Oil

The WTI Crude Oil market found plenty of support at the $67 level to turn around and bounce over one dollar from the lows. Because of this, it looks as if we are going to continue to stay within the range, between the $67 level on the bottom and the $70 level on the top. I think that the jobs number will of course push this market around as well, but I think we are starting to find an area that buyers are willing to step in and lift this market. That doesn’t mean it’s good to be an easy long to take, but the uptrend line has to add significance to the support at $67.

Brent

Brent markets also fell during the day, only to find support at the $72 level. By doing so, the market has turned around of form a bit of a hammer like candle, and it looks as if a bounce is imminent. If we bounce from here, I think it will be difficult to break above the $75 level, so what we could see is simple back and forth trading. Overall, if we break down below the bottom of the hammer for the day, then we could go to the $71 level, possibly even the $70 level after that which should be even more supportive. In fact, I think both of these markets have a lot of support underneath, so I believe it’s only a matter time before value hunters turn things around.