Crude Oil Price Forecast February 22, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market looks as if it is trying to find a bit of support during the trading session on Wednesday, as we continue to bounce around the $61.50 level. I think that the market is eventually going to roll over, as we have broken the massive support previously. I think that the market will probably go looking towards the $60 level next, which should be supportive. If we can break down below there, the market could continue to go lower than that, starting a nice selling opportunity. Currently, I believe that if the market rallies, it should be a nice selling opportunity, as I believe that the highs for the year have been put in.

Brent

The Brent market was a bit noisy during the trading session, rising slightly during the day on Wednesday, but quite frankly I’m not impressed, and I think we are going to roll over from here, perhaps breaking below the $64.50 level. If we clear that level, then we are free to go down to the $63 level next, we should be supportive. A breakdown below that level opens the door to the $62 level, and then eventually the $60 level. I have no interest in buying the market, I believe that one of the only reasons that oil can rally at this point is the shrinking US dollar. Demand isn’t going to be there, as the oversupply continues.

Crude Oil Price Forecast Video 22.02.18