Crude Oil forecast for the week of September 25, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market has rallied after a tumultuous week. We initially fell, but now are fighting the market closing just below the $51 level. That’s a very bullish sign, and should send this market looking towards the $52.50 level next. I think that the crude oil markets are looking for some type of resistance above, and they will either find it there or at the $55 level. I believe that we will continue to see a lot of back and forth trading, and it’s probably easier to trade this market from shorter-term perspective. However, I can certainly make an argument for the market being able to be bought and held onto for some time. If we were to break down below the $49 though, that probably is a market looking for the $47.50 level.

Crude Oil Inventories Video 25.9.17

Brent

The bread market initially fell during the week, but found enough support at the $55 level to bounce and rally significantly. We are closing near the $57 level, and if we can find enough bullish pressure to break above there, I think that the market should then go to the $60 level. That level should be massively supportive, but I think if the break of that level happens, then the market will go much higher. Ultimately, I think that the market may lead the WTI market forward, and given enough time it’s probably going to be a situation where one market follows another. The bread market has lead the way lately, and if that correlation holds true, I believe that it’s only a matter of time before both of these markets find themselves going to the upside. The market continues to be well supported just below current levels.