Crude Oil Price Forecast August 30, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market fell apart on Tuesday again, slicing below the $46 level. This is due to a serious lack of demand by refiners in Texas who obviously have bigger issues. Because of this, the WTI Crude Oil market will be soft for a while, and now we start to focus on the fact that there is going to be a huge oversupply in the reduction chain. Ultimately, I don’t like crude oil anyway and I think that the sellers will continue to come out. There will probably be a bounce, but that should only be a selling opportunity going forward. I suspect that the market may go looking for the $45 level given enough time, and that the $47.50 level should be resistance. With that being the case, I think that it is only a matter of time before sellers will take over any time we see remotely bullish action.

Oil Forecast Video 30.8.17

Brent

Brent markets fell during the day and have been choppy ever since. The $51.50 level has offered a bit of support, but I think it’s likely that we will break down below there given enough time. After all, we had a bounce recently, but it wasn’t overly convincing, as we stalled near the $52.20 level. I believe that given enough time we should continue to see volatility, and I also think that the $52.50 level should be a bit of a ceiling in the market. I don’t have any interest in buying, and I believe that every time we rally you should be looking for exhaustion to start shorting again. I believe that the market is probably going down to the $50 level again, and test that area to try to break down significantly.