WTI Crude Oil
The WTI Crude Oil market has been falling again during the trading session on Thursday, slicing through the uptrend line that held the market higher. I think that we are not only going to go to the $60 level, but I think we are going lower. I look at rallies as selling opportunities going forward, and the $62 level as a bit of a “ceiling” in the short term. Longer-term, we could go down to the $50 level again, and I think we’ve seen the highs for the year. If we broke above the $64 level, then I would be convinced that the buyers are coming back but I don’t see that happening.
Brent
The Brent markets also sold off, losing about 1% as I record this. We have broken below the vital $65 level, so it’s likely that we continue to go much lower. I anticipate that the $62.50 level will be targeted next, and then perhaps even lower than that. Longer-term, I anticipate that we have seen the highs for the years just as we have seen in the WTI market, so therefore I think you are probably better off shorting every rally as they appear. In fact, I’m not a buyer until we break above $67.50, something that doesn’t look likely to happen anytime soon. I believe that oil markets are going to become very soft again as they had been previously.
Crude Oil Forecast Video 09.02.18
