Crude Oil Price Forecast February 27, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially drifted lower during the trading session on Monday but found enough support at the $63 level to turn around and bounce significantly, testing the previous uptrend line at the $64 level. I think the next several hours will be very important, and as I look at this market seems to be very likely that sellers could come in in this area. However, if we were to reach above the $65 level, it will send this market much higher. That would be an extraordinarily bullish sign. I think that the market will continue to be volatile, but if we were to break down below the $63 level, we could breakdown rapidly from there.

Brent

Brent markets also rallied and reached towards the previous uptrend line as well. The $68 level has a certain amount of resistance built into it, and on the hourly chart we are forming a hammer as I record this. Brent markets could roll over from here, perhaps testing the $67 level underneath. If we can break down below that level, the market should then go down to $66, followed by the very important $65 handle. If we break down below that level, I think the market will continue to extend to the downside, showing plenty of the bearishness. I don’t have any interest in putting large positions on, because I think we are at a significant level on the charts, and therefore clarity will be needed.

Crude Oil Video 27.02.18