Crude Oil Price Forecast February 1, 2018, Technical Analysis

WTI Crude Oil

WTI Crude Oil markets initially drifted a bit lower during the trading session on Wednesday, but then rallied significantly. It looks as if we’re going to try to go towards the $65 level, where I would expect to see a lot of resistance. A break above that level should send this market much higher. As far as shorting is concerned, I don’t have any interest in doing so, as I believe the $63.50 level is going to offer a significant amount of support based upon the daily reaction that we have seen.

Brent

Brent markets have rallied during the day as well, and it’s likely that we will continue to go higher. This is mainly because we have seen so much in the way of bullish pressure and volume and given enough time I think we will go looking towards the $69 level again. Pullbacks should offer buying opportunities, but I also recognize that the US dollar rallying could cause a bit of an issue. If we break down below the $67.75 level, then we probably go looking towards support closer to the $66 handle. There is a lot of noise in this market, and we have sold off rather drastically over the last several sessions, but I think it’s starting to offer value in a market that has been in a strong uptrend. With this in mind, I would jump in slowly, but I do expect the $70 level to be targeted over the longer term. This will be especially true if the jobs number is strong on Friday.

Crude Oil Price Forecast Video 01.02.18