Crude Oil Price Forecast August 23, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially rose during the day on Tuesday but found enough support after a pullback to continue to try and go higher. I think that the market should continue to be volatile, and with the announcements coming out today from the Crude Oil Inventories, I think we have a lot chance for choppiness, and it can continue to be a very dangerous market to be in, so I would keep position size small as the market continues to be difficult.

Oil Forecast Video 23.8.17

Brent

The Brent market chopped around during the Tuesday session as we await the Crude Oil Inventories figures today. I think it is very interesting to see what happens next, as the number of course will be a major influence on where we go next. If we can break above the $52.50 level, that would be a very bullish sign but I think there is a massive amount of resistance that would probably come in between here and there. Alternately, if we break down below the $51 level, I think the market will continue to go lower. Either way, I think you can count on a significant amount of volatility in a market that has a lot of crosswinds.