Crude Oil Price Forecast – hectic trading day on Thursday

WTI Crude Oil

The WTI Crude Oil market broke down a bit during the early US hours, reaching down to the $67.50 level. We turned around and reached towards the $68 level, an area that of course is important from a psychological point of view. The $68 level also shows a lot of resistance on the daily chart, so it’s not a surprise that it was a bit of a struggle. However, this gives us a clear target, if we break above the $68 level for any significant amount of time, the market should continue to go higher. The fact that we did recover from the initial selling pressure tells me that it’s very likely we will eventually do just that.

Brent

Obviously, Brent markets did very much the same thing. For the Brent market, you should be thinking about the $75 level as the resistance that needs to be overcome. Eventually we should, and at that point I think that the market will probably go looking towards the $76 level. The $74 level underneath should be massive support, so I think at this point we are probably looking at a short-term “buy on the dips” type of mentality. However, I think that the volatility is probably only going to get worse, not better in the short term. However, I do believe that the oil markets have made their case known over the last several days.

Crude Oil Forecast Video 24.08.18