Crude Oil Forecast March 8, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market broke apart during the trading session on Wednesday, reaching towards the $60.50 level. As I record this video, we are down about 2 ½%, and it looks like we are going to continue to reach towards the $60 level underneath. If we can break down below the $60 level, I think the market then goes to the $58 level underneath. If we can get below that level, then the market should go down to the $55 level next. I think at this point, rallies are to be sold on signs of exhaustion. If the US dollar continues to strengthen, that should continue to put a bearish tint on this market as well.

Brent

Brent markets also breakdown, slicing through the $65 level rather handily. Now that we have broken below that level, we are testing the $64 level. At this point, I think that we will sell rallies, and perhaps reach towards the $63.50 level. I think that Brent markets will continue to struggle in general, and that will be exacerbated by the US dollar rallied. It’s not until we break above the $66 level that I would be interested in buying, and quite frankly at this point I think the oil markets are in serious trouble again. There is a lot of volatility in this market obviously, but if you are patient enough, it could get a bit too expensive and you can start selling again.

Crude Oil Price Forecast Video 08.03.18