Crude Oil Price Forecast January 26, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the day on Thursday but turned around to fall yet again. The market has been very noisy during the day, but I think we are trying to catch our breath after the significant move higher. The $65 level should offer plenty of support, as it is a psychologically significant number, and it used to be previous resistance. Because of this, I think the market should continue to find buyers on dips, especially if the US dollar continues to fall.

Crude Oil Forecast Video 26.01.18

Brent

Brent markets initially tried to rally during the trading session on Thursday but pulled back to fall flat. I think that the market continues to see a lot of volatility, but we are trying to build up momentum to go higher. I suspect that the market could go looking towards the $75 level above, and I believe that we have a significant amount of support underneath at the $70 handle. Ultimately, this market should continue to go higher, but we are going to see a lot of noise. If we were to break down below the $69.50 level, that should break this market apart and send it lower. I think a short-term though, we have buyers are willing to jump in and we will eventually see higher pricing, with the $72.50 level being a major stop along the way.