Crude Oil Price Forecast – crude oil markets explode higher on Wednesday

WTI Crude Oil

The WTI Crude Oil market rallied significantly during the trading session on Wednesday, breaking above the $72 level, and then eventually the $72.50 level. At this point, I think that the market is obviously very bullish, so shorting this market is all but impossible. I think short-term pullbacks will be buying opportunities, as there is plenty of support below at several different levels. The $70 level underneath should offer a lot of support, as it has offered a lot of resistance. As long as tensions are high between the Iranians and the Americans, it’s very unlikely that we will see markets fall off.

Brent

Brent markets shot higher during the trading session on Wednesday, breaking above the $77.50 level, and looking very likely to continue to go much higher. The $75 level underneath should be support now, as it is a large come around, psychologically figure, and of course it’s likely that we will continue to see a lot of buyers on dips. This is especially prudent now that we have seen the US dollar strengthen in the Forex markets, and still oil rallied rather significantly.

I don’t have any interest in shorting this market, at least not until we clear the 75 handle rather easily. I don’t think it happens, so more than likely we are going to continue to go higher. Look for value, and then take advantage of it, as it is clear that the buyers are in control over all.

Crude Oil Price Forecast Video 28.06.18