Crude Oil Price Forecast December 26, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially dipped during the trading session on Friday, but found enough support on the one-hour trend line that I have marked on the chart to continue to go higher. We are in a bit of another uptrend channel, and I think that could continue to drive this market higher. However, the $60 level above looms large, so the meantime I think that is probably as high as we get in the short term. Alternately, if we break down below the $57.75 level, we probably drop a bit from there. Volatility continues to be an issue, but I think oil traders are looking to buy.

Crude Oil Inventories Video 26.12.17

Brent

Brent markets rallied significantly during the day after initially falling towards the uptrend line on the ascending channel. We have broken above the $65 handle, which of course is a very bullish sign, and I think that we continue to go higher from there, as this is a significant break out. Even if we do break down, I think there is plenty of support underneath, as the bottom of the uptrend in channel is a very significant level. If we break down below there, then we could break down a bit more, but in general I think that the Brent markets will follow the WTI markets to the upside. Short-term, it looks likely that the buyers are going to continue to push this market, but keep in mind that volume will be a bit of an issue over the next several trading sessions, so we could get sudden and erratic moves.