Crude Oil Forecast by 3, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market rallied a bit on Friday, breaking through the $45 level again. However, we do see a significant amount of resistance near the $45.50 level, and the fundamental situation for oil is not good. I’m looking for some type of breakdown to continue the selling, or exhaustion above. I don’t have any interest in buying anytime soon as crude oil oversupply continues.

Crude Oil Inventories Video 03.7.17

Brent

Brent markets rallied as well, testing the $48 level. The 24-hour exponential moving average is offering support on the short-term charts, but longer-term I believe that the sellers will return, and send this market down to the $47 level. I believe that oil continues to be a market that can be sold on rallies longer-term as the structural issues continue.