Crude Oil Price Forecast – crude oil markets flex their muscles on Monday

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the day on Monday as the Americans came on line, showing signs of life again near the $65 level. However, we do see resistance just above, so I still believe that the $66 level is a difficult level to get above. If we can break above there, then the market could probably go to the $67.50 level next. I have to admit that the bounce from the uptrend line on the weekly chart has been rather significant, but I think at this point the market is probably going to be choppy more than anything else.

Brent

Brent markets rallied significantly during the trading session on Monday, reaching towards the $72.40 level. This is an area that has a bit of resistance built into it, so we can break above here I think Brent will continue to go higher, perhaps reaching towards the $73 level, and then the $74 level after that. So far, even though it has showed signs of support recently, we are still in a downtrend in channel, so that should be paid attention to. Ultimately, I think this market will continue to chop around, but it should be noted that we are starting to see a certain amount of wherewithal in this market, and I think that perhaps the US dollar softening could be a major driver of where these commodity markets go in the short term. With that in mind, I remain bullish but I suspect that we may need to pull back a bit to offer more value again.

Crude Oil Video 21.08.18