Crude Oil Price Forecast January 19, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market fell towards the uptrend line during the trading session on Thursday, as we have seen massive amounts of support. I believe that the $63.50 level offers a significant amount of support underneath, and I think that given enough time we could bounce and reach towards the $64.30 level. Longer-term, I anticipate that the oil markets will probably go looking towards the $65 level, which of course will be a large, round, psychologically significant barrier. If we break down below the $63 level, then the market unwinds and goes looking towards the $60 level next. Overall, the market is very volatile, but one scenario is that the oil markets continue to gain due to the US dollar falling, if nothing else.

Crude Oil Forecast Video 19.01.18

Brent

Brent markets fell as well, bouncing from the uptrend line to form a small hammer on the hourly chart. By bouncing from there, the market should continue to go higher, perhaps reaching towards the 6 $9.50 level, and then the psychologically important $70 handle after that. Just above the $70 level, there is a gap, and that could offer a certain amount of resistance. A break above that Frees the market to go much higher, at the very least the $72.50 level. Alternately though, if we break down below the $68.50 level, the market probably goes looking to the $68 level, and then the $67 level. No matter what happens, you can anticipate that there is going to be a lot of noise in this market, and it will not be easy to trade.