Crude Oil Price Forecast – crude oil rocked again

WTI Crude Oil

The WTI Crude Oil market broke down rather hard during trading on Thursday, as we reached as high as $69 early in the trading session, but within an hour or two of opening, the markets were down 1.5% and testing the $67.50 level. At this point, it looks like we are probably going to continue to go lower, the oil markets just look on the edge of panic right now. There are concerns about global growth, and whether or not trade will slow down due to tariffs and with a special attention paid to the US/China trade war going on right now. It looks as if the rallies will be selling opportunities.

Brent

Brent markets also broke down rather significantly, reaching down towards the $67 level. If we can break that level, then we should go to the $75 level next. You can see that there is a nasty hourly bar where we had broken through the $77 level, and then the $76.50 level. At this point, I think that short-term rallies will be selling opportunities, for short-term traders. Longer-term, we are still in and uptrend but right now it looks as if the market is far too skittish to hang onto gains. I would need to see some type of hammer or large bullish daily candle to feel good about buying it at this point. The last couple of days have been rather treacherous to say the least. With the jobs number coming out today, you can count on volatility again.

Crude Oil Forecast Video 07.09.18