Crude Oil Price Forecast – crude oil trying to form base

WTI Crude Oil

The WTI Crude Oil market has been very choppy during the trading session on Thursday, dancing around the $67 level. This is an area that has been supported on longer-term charts, so it makes sense that we would see a bit of interest in this area. However, I think that the market is going to try to make a decision here. At this point, it’s likely that the market finding stability here could be thought of as a good thing, as the brutal sell off has been a bit much. However, if we make a fresh, new low, it’s likely that the market will unwind even further. Longer-term charts do suggest an uptrend line underneath is well though.

Brent

Brent markets were very noisy during trading on Thursday, using the $72 level as support. This is an area where buyers have been interested before, so the fact that we have bounced me here is a huge surprise. I think at this point though; the market is simply trying to digest all of the news and the selling off that we had seen on Wednesday. The question now is where we go next? If we break down to a fresh, new low, then I think the market probably goes looking towards the $70 level. Otherwise, if we can retake the $73 level, we will probably go back to the $72.50 level where all of the selling had started to begin with.

Crude Oil Forecast Video 10.08.18