Crude Oil Price Forecast – crude oil markets rally after inventory number

WTI Crude Oil

The WTI Crude Oil market has rallied significantly during the day on Wednesday, reaching towards the $70.50 level. However, we have not broken to a fresh, new high, and ultimately I think that this market will continue to be very choppy but it certainly looks as if it is hell-bent on trying to get towards the $71.50 level again. That’s an area that is massive resistance, an area that has been tested at least five times, or at least the region has been. Because of this, I think that there is the possibility of sellers coming in between here and there, so expect more choppiness. However, if we break above that level, this market is going to go much higher.

Brent

Brent markets of course rallied as well but are struggling to keep a lot of the gains during the day as the $79 level is offering a bit of resistance. Beyond that, the $79.50 level also offers resistance it of course the psychologically significant $80 level will come into play. I think that we are more likely to see sellers appear then buyers, but if we can clear the $80 level, it could send this market towards the $82.50 level. At this point, I think the only thing you can count on is volatility and as we are so close to the highs, I would be looking for short-term selling opportunities at this point. However, if we get a pullback and form a supportive candle, especially near the $78.50 level, then an argument to be made for another short-term buying opportunity.

Crude Oil Price Forecast Video 20.09.18