Crude Oil Price Forecast August 10, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market continues to show extreme volatility, as we continue to consolidate between the $48.50 level on the bottom, and the $49.50 level on the top. The resistance extends to the $50 level because of its psychological importance, so I think that a bit of back-and-forth and the short-term type of range bound trading is probably about as good as it’s going to get. If we were to break above the $50.50 level, I think that the market could go much higher. However, if we break down below the $48.50 level, the market should break down and reach towards $47.50.

Crude Oil Price Forecast Video 10.8.17

Brent

Brent markets had a bit of a rally during the day but still continue to find resistance near the $52.50 level. We are essentially making a larger “ascending triangle”, but we don’t have the momentum to break out quite yet. If we can clear the $53 level, the market should go much higher. Ultimately, this is a market that could breakdown as well, because the oil markets are such a mess. However, it looks as if the buyers are currently running the show, and I think that we will eventually see the buyers take over, least for the short term. Longer-term, I’m still bearish of the oil markets going forward.