Crude Oil Price Forecast – crude oil markets rally on Tuesday

WTI Crude Oil

The WTI Crude Oil market rallied significantly during early American trading on Tuesday, as the $68 level has offered so much in the way of support. The $69 level above is significant resistance, and I think that if we can break above that level, the market is likely to go towards the $70 handle. If we were to break down below the $67.50 level, I think the market could drop to the $66.50 level after that. We have seen a recent significant rally, but this week started out with a Lower, so I think this shows just how volatile this is going to be.

Brent

Brent markets initially rallied during the day on Tuesday as well, reaching towards the $75.50 level. However, we did pull back and as I record this video, we are testing the $75 level for support. I think there is plenty of support underneath, and we have seen significant pushes to the upside recently. I also recognize that the $76 level above as significant resistance, and if we can break above the level, it’s likely that the market could go to the $77 level after that. A break above there could send this market towards the $80 level. In general, I believe that short-term pullbacks will continue to be buying opportunities, but this of course will be a very volatile market as it typically can be. Keep an eye on the US dollar, if it strengthens that could also work against oil.

Oil Forecast Video 27.06.18