Crude Oil Price Forecast – crude oil markets test resistance

WTI Crude Oil

The WTI Crude Oil market has been very bullish over the last couple of weeks, but the last couple of days have been a bit stagnant. As we approached the $69 level, the market struggled a bit, which should not be a huge surprise considering that the level has been tested more than once. The market participants seem to be defending the $68 level though, so this consolidation will eventually give way. When it does, I anticipate that it will probably be to the upside, allowing a push towards the $70 level. On longer-term charts, you can even make an argument for a push towards $71 being more likely. If we did break down below the $60 level, we will probably reset at $67.50 below there.

Brent

Brent markets also have rallied towards significant resistance, this time in the form of $77. To me it looks as if there is significant resistance there, but if we can get above there, the market is free to go looking towards $79, followed very quickly by $80 in my estimation. I think there are plenty of buyers below, especially at the $76 level and the $75 level. If the US dollar softens, that might be reason enough for oil to take off to the upside. Pay attention to the EUR/USD pair, it serves as a nice proxy for the US Dollar Index if you don’t have access to life charts. If the dollar weakens, that should help oil. However, if the dollar strengthens, that could weigh upon the market, making it go lower to look for support.

Crude Oil Price Forecast Video 30.08.18