Crude Oil Price Forecast – crude oil markets looking for support

WTI Crude Oil

The WTI Crude Oil market has found a bit of support based upon the trend line that has gone back for some time now. I think that the markets are a bit oversold, so a bounce is probably to be expected. I look at the $70 level above as a major barrier though, so I don’t think it’s good to be easy to break above that. In the short term I am a buyer of dips, unless of course we break down below the uptrend line, and of course the $65 level which I think is the “zone of support” holding the market up right now. This is an uptrend line that goes back quite some distance.

Brent

Brent markets also have rallied a bit during the day, showing signs of life again as the uptrend line continues to offer support. The longer-term charts certainly are bullish although we have been beaten brutally to the downside. I believe the $80 level above is massive resistance, so a break above there should send this market much higher. The $75 level underneath will continue to be supportive, and therefore I think it’s only a matter time before the buyers get involved, but if we did break down below that level I think it’s also possible that we could go down to the $72.50 level, perhaps even the $70 level. Oil continues to be noisy, but I think at the very least we can expect a bounce.

Crude Oil Inventories Video 29.10.18