Crude Oil Price Forecast February 21, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market started falling almost immediately during the trading session on Tuesday, as the $62.50 level has offered too much resistance. This coincides nicely with the uptrend line previously that had offered support, and it now should offer resistance. Because of this, I’m looking to sell this market on signs of exhaustion, or a move below the $61.50 level. I think that the market will probably go looking for the $60 underneath, which of course has a certain amount of psychological importance based upon it. If we broke above the uptrend line, which is roughly $63, at that point I might be a bit more convinced about the bullish pressure.

Brent

Brent markets went sideways initially during the trading session on Tuesday, hanging about the $65 level. This of course is a large, round, psychologically significant number, but I believe that the market is going to roll over as the US dollar has strengthened a bit, and of course there is a massive oversupply of crude oil around the world. I believe that demand will become an issue, and with the Americans pumping it out as fast as they can, I think that eventually the sellers take over. I would anticipate a move to the $63 level underneath, and then perhaps the $62 level after that. I don’t have any interest in buying crude oil right now and recognize that the $66 level above should be significantly resistant.

Oil Forecast Video 21.02.18