Crude Oil Price Forecast January 4, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially went sideways during the trading session on Wednesday, but then shot towards the $61.50 level above. The market looks likely to roll over from here though, because we have seen so much in the way of an overextension. A pullback should be a buying opportunity though, with the $60 level below possibly offering a bit of a “floor.” I think that the market is probably going to go looking towards the $62.50 level above which is a larger timeframe area that the market has paid attention to before. In general, I believe that the following US dollar will continue to help, and of course the writing and Iran will continue to have a lot of traders nervous about the Middle East.

Oil Forecast Video 03.01.18

Brent

Brent markets went slightly sideways initially during the trading session on Wednesday, but then shot towards the $67.50 level. I believe that we are showing the signs of exhaustion, and I think that a pullback from there is an opportunity to go long, as we should then go to the $70 handle. The $66 level underneath looks likely to be a bit of a “floor”, and at this point I think Brent will continue to attract buyers on these dips. Ultimately, I think that the market will continue to go higher based upon hedge fund ramblings, and of course the concerns about the Middle East. The US dollar continues to fall, and that of course helps Brent just as it does the WTI market.