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Forex

Crude oil price forecast - WTI confined below $57

Squared Direct | Jul. 29, 2019
Crude oil price forecast - WTI confined below $57

July 29, 2019 | SQUARED DIRECT - With the constructive talks at Vienna joining hands to receding odds of any breakthrough from the US-China trade negotiations, WTI price remained practically unchanged from Friday’s session till this morning. Despite calling the British proposal to have the EU-led naval mission to safeguard the ships in the Gulf of Hormuz as "provocative" and "hostile", Iran considered the talks between the remaining parties to the 2015 nuclear deal as constructive.

Representatives from Britain, France, Germany, Russia, and China recently gathered in Vienna to salvage the latest tension amid the parties to the key nuclear deal. On the other hand, leading news headlines keep low expectations from the trade negotiations between the US and China as none of the parties have shown readiness to clear key stumbling blocks ahead of the two-day talks that start from Tuesday.

Crude oil price technical analysis

Crude oil price remained practically unchanged during Friday’s session and continue to do so this morning as the break to the downside is still postponed by the lower band of the flag presented on the chart.

The price is currently trading just above the 56 level with the momentum still flattening in the neutral zone. We will be focusing on the lower band first and then we will be watching the $55.06 level for the coming sessions.

Support: 55.73 / 55.06
Resistance: 56.69/ 57.4

Chart (H4)

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