Crude Oil Forecast March 21, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market fell slightly during the day on Monday, as we reached towards the $40 level. I believe we will break down below there and reach towards the $47 level after land, and perhaps even the $45 level next. I still believe that short-term rallies are selling opportunities, as the oil markets are far oversupplied.

Crude Oil Video 21.3.17

Brent

Brent markets fell as well, testing the $51 level. Given enough time, I believe that the market then reaches to the $50 level and breaks below there to fall rather significantly. I believe that short-term rallies continue to be selling opportunities, and that this market will go much lower.