Oil managed to finish the week higher than where it began by $0.50 per barrel, but price momentum is weak. Why should traders trade with caution? Gain insight into this 30 July Crude Oil Price Technical Forecast.
30 July, GKFX – Concern remains in the market about the level of global oil supplies and whether the glut that sent prices plummeting has been fully cleared.
30 July Crude Oil Price Technical Forecast
The Brent oil hourly chart shows a bear flag pattern, meaning the corrective rally from the July 18 low of $71.21 has likely ended.
Still, the bears are cautioned against being too ambitious as the 100-hour moving average (MA) is holding above the 200-hour MA, indicating the path of least resistance is to the upside.
Current Price: $74.26
Daily High: $74.38
Daily Low: $74.16
Trend: Cautiously bearish
R1: $74.38 (resistance on the hourly chart)
R2: $74.83 (July 27 high resistance)
R3: $75.00 (psychological hurdle)
S1: $74.11 (support on the hourly chart)
S2: $73.96 (100-day MA)
S3: $73.27 (200-hour MA)
This article 30 July Crude Oil Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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