Crude Oil Price Forecast – crude flat to open week

WTI Crude Oil

The WTI Crude Oil market when sideways overall during the day on Monday to start the week, as we continue to dance around the $74 level. I see a significantly strong resistance barrier near the $75 level above, and it will probably take a lot of momentum to finally break through it. If we do, then I think the market is free to go to the $77.50 level. However, I would need to see a daily close above the $75 level to be convinced of the efficacy of that move. In the short term, I think pullbacks will be momentum building exercises to finally make that move.

Brent

Brent markets were a bit more constructive during the day, reaching towards the $70 level. I think that if we can break above the $78.50 level, we will then go to the $79 level, and then the psychologically important $80 level. I think that short-term pullbacks are buying opportunities, and that should be how this market is looked at. Recently, we had seen the market reached towards the $76.50 level and find buyers. I think that will continue to be the theme here: buyers coming in on dips to take advantage of value when it occurs. If we do break down to a fresh, new low, the next major support level that I see as the $75 level, which has been important more than once. Overall though, I am very constructive.

Crude Oil Video 10.07.18