Crude Oil Price Forecast – crude oil markets rally on Thursday

WTI Crude Oil

The WTI Crude Oil market initially felt again on Thursday but found enough support at the $60 level to turn around and rally significantly. As I record this video, we are testing the $70 level, an area that should feature a significant amount of bearish pressure. I think the markets are a bit oversold as of late, so this bounce makes a significant amount of sense. I think that the market will eventually turn around and start breaking down again though, but at this point I would need to see some type of exhaustive candle.

Brent

Brent markets initially fell as well, but then rally enough to test the previous uptrend line. I think that the market will probably find a bit of selling pressure in this general vicinity, and I think that we could turn around. However, if we were to break above the $75.25 level, then I think Brent could rally significantly. Until then, I’m not convinced and would be willing to step in and short any signs of exhaustion or weakness in this market, as this could simply just be a function of the oversold condition that we see in the crude oil market. Pay attention to the US dollar, because if it continues to strengthen that will also add a bit of a drag on these markets as well. I suspect if we do break out and go higher from here, we could continue to rally for several days.

Crude Oil Forecast Video 20.07.18