Crude Oil Price Forecast – crude oil markets rally for Wednesday session

WTI Crude Oil

The WTI Crude Oil market exploded to the upside during the trading session on Wednesday, slamming into the gap that started the Friday session. The $69.50 level is a significant amount of resistance, and I think there’s even more extending to the $70.50 level. Because of this, I think it’s only a matter of time before we pull back from here, the market is a bit oversold. A short-term bounce could happen, but I would look at it with serious suspicion, and would look for the first signs of exhaustion to start shorting again. If we can break above the $71.50 level, then the market could rally as much as another two or three dollars, where things get even more tenuous.

Brent

Brent markets initially dipped during the day but found enough support at the $73 level to slam into the previous uptrend line. The market looks as if it is respecting the supply near the $74 level, and I think that there is a significant zone of supply between $74 and $75 after that. It’s not until we close above the $75 level on a daily chart that I would consider buying this market, and even though it’s been very bullish on Wednesday, we aren’t quite to that point yet. I suspect that we will probably roll over and drift a bit lower, but obviously price dictates everything. With this, keep an eye on the $75 level, as well as whether there’s any type of exhaustion.

Crude Oil Price Forecast Video 26.07.18