Crude Oil Price Forecast – crude oil markets noisy to kick off the week

WTI Crude Oil

The WTI Crude Oil market drifted lower during the session on Monday, reaching towards the $67 level. That’s an area that had been resistance in the past, as well as support. In fact, it was the bottom of the overall support level that we had been trading in before. Because of this, I would not be surprised at all to see some type of bounce. If that’s the case, then we will probably go looking towards the $68 level, possibly even the $70 level longer-term. I anticipate that the markets will be very difficult, but for those who are willing to risk at this area, the risk to reward ratio for buyers does seem to be pretty good. If we do break down from here, we probably go looking towards the $66.25 level again.

Brent

Brent markets also bounced around during the day, testing the $72.40 level. This is an area that’s been supportive a couple of times during the day, and with the scene of an impulsive move higher to break out of the funk that the market had been in. Buying short-term pullbacks might work, but if we break down below the $72.20 level, then I think we probably go looking towards the $71.50 level after that. A break above the $73 level would be very bullish, and should send this market much higher, perhaps reaching towards the $74.75 level next.

Crude Oil Video 14.08.18