Crude Oil Price Forecast January 9, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went sideways during the day on Monday, but are starting to reach towards the uptrend line. The market looks likely to find buyers soon, perhaps in concert with the US dollar falling. After all, it was a bit stronger during the day on Monday, so it makes sense for oil to drift a little bit lower as well. If we do break down below the uptrend line, I think that the market is going to go looking for the $60 region. That’s an area that will be even more supportive in my estimation as it is a large, round, psychologically significant number.

Crude Oil Video 09.01.18

Brent

Brent markets went sideways overall during the day on Monday, but are approaching an uptrend line that should be important. I think that the $67.50 level should be important as well, as it has offered support several times over the last 48 hours, and of course has offered resistance as recently as last week. In general, I expect to see a lot more choppiness in the crude oil markets, as although OPEC and Russia are cutting production, at the same time we have US dollar volatility and of course the idea of North Americans producing more shale oil. In other words, there’s a lot of different things moving all at once, and let us not forget tensions with the Iranians, which will keep the market a bit nervous also. Keep your trading position small, regardless of which direction you take.