Crude oil markets continue downward slide on Tuesday

WTI Crude Oil

The WTI Crude Oil market fell a bit during the trading session on Tuesday, as we continue to see oil pricing fail. The markets look likely to continue going lower as we have broken through a major uptrend line, and I think at this point now that we are below the $65 level, we will eventually go looking towards the $60 level. Obviously, there are a lot of little areas between here and there that should continue to come into play, perhaps with special attention paid to the $62.50 level. The $66 level above is significant resistance, especially considering that there is an uptrend line that has sliced through that level and should now offer dynamic resistance as well.

Brent

Brent markets broke down significantly during the trading session on Tuesday as well, slicing through the $75 level. It now looks as if rallies are to be sold, and I think we will probably go down to the $72.50 level underneath. It will continue to be very noisy market, but I think that as supply comes online, there will continue to be a bit of negative pressure in this market. If the US dollar starts to strengthen, that could be a bit of a “double whammy” for this market. I have no interest in trying to buy this market unless of course we were to break above the $76 level. If that’s the case, then I think we would probably continue to go towards the $79 level. However, right now it looks very likely that we are going to continue to see negativity.

Oil Forecast Video 06.06.18