Crude Oil Price Forecast January 5, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Thursday, initially rallying, but then pulled back a bit. The $61.50 level looks as if it is offering a bit of support. However, if we break down below there, the market probably finds even more support closer to the $61 level. At this point, the $60 level looks to be the bottom of the most recent move, and based upon longer-term charts, I suspect that the $62.50 level above is the overall target, and that’s what I’m aiming for. I believe that the value of the greenback is going to be highly influenced by the jobs number today, and that of course can influence this market. If the US dollar falls off, that should lift this market.

Crude Oil Forecast Video 05.01.18

Brent

Brent markets tried to rally initially during the day as well, struggling at the $68.25 level. Ultimately, we did pull back, but I think that the market is likely to see buyers eventually. The market has broken out to the upside, and I think that the Brent markets are trying to go to the $70 level above. That’s of course a large, round, psychologically significant number, and therefore will attract a lot of attention. With the impulsive move on Wednesday, I think it suggests that there are plenty of traders of their willing to take advantage of the trend, and react to the situation going on in the Islamic Republic of Iran.