Crude Oil Price Forecast February 14, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market rolled over during the trading session on Tuesday, as we continue to see negativity flood into the market. The crude oil markets continue to be very noisy, but I think that they will be decidedly negative as Americans are pumping far too much crude oil in the market for prices to remain elevated. As we are starting to see more rigs come online, this problem will only become exacerbated. The bullish market in crude oil is essentially over for the time being, as many of the people I speak to the work of the hedge fund industry have left.

Brent

Brent markets continue to drift lower as well, reaching down towards the $62 level. The $62 level is a minor level at best, so I think that we will continue to go lower. Rallies at this point will have a bit of a ceiling attached to them near the $65 level, which is going to be the “top” of any rally that we see as far as I can see. Ultimately, I think that the market is going to go down to the $60 handle eventually, and perhaps even break down below there. If we were to break above the $66 level, the market will have shown enough momentum to turn things around, but I believe we will be unlikely to see that anytime soon. I believe that selling the rallies for short-term traders will continue to be the way to go.

Oil Forecast Video 14.02.18