Crude Oil Price Analysis – Oil Continues to Look for Clarity

WTI Crude Oil Technical Analysis

The light sweet crude oil market has fallen a bit during the trading session on Wednesday as we are I believe trying to find some type of range from which to trade. Market participants continue to look at the $100 level as a bit of a support and resistance area and a bit of a magnet for price.

Nonetheless, I think what we’ve got here is a situation where we are trying to find that range, and eventually, once things calm down in the Middle East and we stop paying attention to social media about it, markets will probably find lower pricing, but it will be at a higher level than previously.

So, I think we will get more back and forth at the moment.

Brent Markets Technical Analysis

Brent markets look very much the same, except that they’re a little closer to the top. So, I think this market could pull back. I don’t want to short Brent. I don’t want to short any crude oil.

I just simply want to wait for a bounce that I would be able to buy. That might be closer to the $105 level. Maybe even the $100 level if I get lucky.

I don’t want to chase it all the way up here, but with the ability for something to happen spontaneously in the Middle East to send oil prices higher, I certainly don’t want to short that market.

This is a market that I think could be very deadly to your trading account if you are not careful. So, make sure you are trading in smaller positions.

And as things stand right now, I think much like the light sweet crude oil market, we’re just trying to find our range and that means it’ll be choppy.