Crude Oil Price Forecast – crude oil markets noisy on Friday

WTI Crude Oil

The WTI Crude Oil market has gone back and forth over the last several sessions, but Friday was a bit of a yawner as markets couldn’t do anything. The $70 level above is significant resistance, with the $67 level being massive support. I think if you pay attention to the overall attitude of the market will we get to those two levels, you have a nice play just waiting to happen. If we can break out of this range, then it’s a longer-term move just waiting to happen.

Brent

Brent markets when sideways during the trading session on Friday, hanging about the $73.53 level. There is an uptrend line underneath that offer support, so I think Brent traders will be looking at pullbacks as potential buying opportunities. I also recognize that the $75 level above is significant resistance and a lot of supplies sits just above that level. I believe that we are stuck in this range, but if we break down below the uptrend line, perhaps below the $72 level, then the market should break down towards the $70 level. This is a market that continues to be very noisy, and that should continue to be one that you attack in both directions on short-term charts. Once we break out of the range, you simply follow for the longer-term move. In the meantime, take your profits quickly as markets are jittery.

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