Crude Oil Midday Technical Analysis October 31

WTI Crude Oil

The WTI Crude Oil market continues to drift lower overall, as the $66 level has offered a lot of  selling pressure. I think at this point, if we can break down below the $66 level with any type of ferocity, then the market will probably break to the psychologically important $65 level. Longer-term, I think we continue to see a lot of negativity, as the last couple of days have formed a bit of a descending triangle, meaning that we could go down to the $64 level. Alternately, if we break above the $68 level, the market could then go to the $70 level after that. There are concerns about global growth, and that of course is weighing upon the market as well.

Crude Oil Price Midday Forecast Video 31.10.18

Brent

Brent markets also were a bit negative, but they did rally a bit more after the inventory figure. I think at this point we are likely to see a lot of choppiness and volatility, and therefore I think that there’s no way that it’s going to be comfortable to start buying this market, but it does look like the $75 level could be offering a bit of support. These two markets tend to move in the same direction, so I think it’s only a matter time before one of them fall as the other, but right now they both look a little lackluster to say the least. I think there’s plenty of selling pressure above at the $77 level, so I don’t have any interest in going long just yet. If we break down below the $75 level, but markets will go much lower, probably dragging WTI with it.