Crude Oil Price Forecast February 6, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil markets have fallen significantly during the trading session on Monday, dropping almost 2% as I record this. It looks as if the market is going to try to reach the $63 level, an area that has been massively supportive. I believe that the market will eventually find reasons to go higher, but longer-term it’s likely that the support will come back into the market and give you an opportunity to pick up a bit of value. However, if we were to break down below the $62 level, then I think the market could fall apart. If you want to sell crude oil, you have already missed the move.

Crude Oil Video 06.02.18

Brent

Brent markets have fallen rather hard during the trading session on Monday, slicing towards the $67.50 level. There’s more support below at the $67 level, and the $66 level. At this point, I would hesitate to sell this market, because I think you could find buyers below, and a lot of this is more or less going to be a correction. Until we get clarity as far as support is concerned, it’s probably best to stand on the sidelines, as we have seen a lot of moving pieces in the market, not the least of which is hedge fund traders stepping away from crude oil, but at the same time Isis has attacked a Libyan oil field, causing a lot of concern in the market. The US dollar course has its influence as well, so keep that in mind.