Crude Oil forecast for the week of July 14, 2014, Technical Analysis …
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Light Sweet Crude
The light sweet crude market had a horrible week as we initially tried to break above the $104.00 level, but then turn right back around to close at roughly $100.50 or so. The candle is the third a very negative one in a row, and as a result this is a market that can be almost impossible to start buying at this point. However, you can see that there is some type of uptrend line in this market right now.
That being said, the $100.00 level below should be supportive as well, but the truth is that the significant support should be found at the $98.00 level, and as a result the downside is probably somewhat limited at this point. However, we are aware the fact that the market is in a precarious position, so we need to wait and see whether or not we can get a supportive candle on the weekly chart in order to place some type of long position and try to aim towards the $107.50 level.
Brent
The Brent market fell significantly during the week as well, closing at roughly $106.50. This market looks absolutely horrible at the moment, but there is a significant amount of noise only down to the $100 level, so it is difficult to start shorting here. After all, the move has been so strong one would have to expect some type of bounce.
With that being said, we are willing to buy a supportive candle on the weekly chart if we can get it, but also recognize that we are essentially at the precipice when it comes to making a decision, and as a result we could see quite a bit of volatility in this general area that we are going to have to wait for an obvious weekly signal to take advantage of it. However, we believe that the market will probably wipeout a lot of accounts in this general vicinity, and as a result we will be very cautious as this market could end up offering nice trading opportunity, but right now things are a little bit too volatile for our liking.
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Crude Oil forecast for the week of July 14, 2014, Technical Analysis …
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