Crude Oil continues to await Donald Trump’s decision

WTI Crude Oil

The WTI Crude Oil market has gone sideways during most of the session on Tuesday as we await the decision from Donald Trump as to what to do about the Iranians. If he clamps down on the Iranians, it’s likely that we will go higher. Beyond that, the uptrend is very much in fact, so I think that we could probably go to the $72.50 level above. I believe that short-term pullbacks are buying opportunities, down to at least the $67 level. The $67 level is massive support, as well as the uptrend line underneath. The strengthening US dollar could cause issues, and a downward pressure but I don’t think it’s very likely to take over in the short term.

Brent

Brent markets also have gone sideways in anticipation of what the Americans may do to the Iranians, and I think at this point it’s likely that some type of reaction to this announcement will be the next catalyst, but when I look at this chart I recognize that we are very much in an uptrend. I think there is plenty of support down to the $77.50 level, which has been so important over the last couple of weeks. The uptrend line underneath of course continues to push this market to the upside as well, and I think overall, most pullbacks will be looked at as buying opportunities as we could continue to reach towards higher levels.

Oil Forecast Video 09.05.18