Crude Oil Forecast April 24, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market fell significantly during the session on Friday, cracking below the $50 level. If we can continue lower, and break below the bottom of the daily range, I feel that the oil markets could find themselves dropping somewhat significantly. Ultimately, this market looks as if it is going to continue dropping, and because of that I am bearish. I think there’s a lot of noise near the $47.50 level, so I don’t necessarily that were going to break down drastically. Rallies this point in time should be selling opportunities, and with that being the case it’s only a matter of time before I’m short of the market. As far as buying is concerned, I would need to see some type of impulsive candle to convince me that the market is going to go higher. Right now, I don’t see it.

Crude Oil Inventories Video 24.4.17

Brent

Brent markets initially tried to rally but then turned around to fall significantly. The market should then go down to the $50 level below, and with that being the case I think that selling rallies will continue to be the way going forward. The $53 level should now be somewhat resistive, and with that I think that the sellers will continue to flood to this market as the oversupply of brand continues. Headphones are starting to pull out of the marketplace, and that should only add more fuel to the fire. The impulsive move lower has been very violent, and I think that will eventually send this market down to the $50 handle. If we can break down below there, the market should then drop to the $46 level. I think at this point it’s only a matter of time before breakdown but obviously, there has been a lot of volatility lately, and the choppiness should continue to be a mainstay of this market. Pay attention to the US dollar, if it starts to strengthen that could fuel the fire for further declines in the market. Ultimately, I don’t have any real interest in buying Brent.