Crude Oil Price Forecast June 28, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market rallied during the session on Tuesday, reaching towards the $44.40 level. Oil rallied significantly in general, but I still think that the Crude Oil Inventories announcement coming out during the day today will significantly move the market. I think that the $45 level above is massively resistive, so given enough time I think that the sellers will return. Because of this, I think that the market is simply a negative market just waiting to happen again. While we are in a negative trend, I think that this rally is going to offer a better opportunity the search shorting again. The $42.50 level will be my target on and exhaustive candle or a bearish inventory announcement.

Oil Forecast Video 28.6.17

Brent

Brent markets rallied during the day on Tuesday, testing the $47 level. This is an area where I would expect to see some resistance, and of course with the inventory number coming out today, we could get a bit of a selloff from here. We are now approaching enough resistance that I have no interest in trying to buy this market, least not until we break above the $47.60 level. I believe that the sellers are going to return, because quite frankly the inventory has been so strong. The announcement today will more than likely only hasten this, but if we do get an explosive moved to the upside, it’s likely that the market could move to the $49 level.

I believe that the $45 level underneath will be targeted, but given enough time. I think that the market is offering an excellent opportunity for longer-term traders, so simply looking for exhaustion would be the way to go going forward as the market certainly favors selling longer term.