Crude Oil Price Forecast February 23, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the trading session on Thursday, reaching towards the $62.50 level. I think that the market has plenty of resistance above, especially near the previous uptrend line that had kept the market afloat. Because of this, I think this will end up being a selling opportunity, but you might want to get out of the way in the short term. There is plenty of drilling going on in the United States, and that should continue to be the case. However, we also had a falling US dollar during the day, so it’s been a bit of a “double whammy.” I expect this rally to be short-term though.

Brent

Brent markets obviously do the same thing as it typically does, reaching out to fresh, new highs for the last couple of weeks. I still think that the previous uptrend line could cause a bit of trouble, so on the first signs of exhaustion I’m willing to start selling. If the US dollar rallies, that will be yet another reason to start shorting crude oil as it will punish the commodities markets. However, I do have to keep in mind that we could change everything around, but the fundamentals do not favor the oil markets longer-term, as drilling will eventually keep up and surpassed demand. The volatility could offer an opportunity for those of you willing to wait for your trading opportunity.

Crude Oil Forecast Video 23.02.18