Crude Oil Price Forecast March 1, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market has gone sideways initially on Wednesday, but then broke down rather significantly. The $62 level has offered a bit of support, and I think that some type of bounce is probably going to give us an opportunity to start shorting, and I believe that the market will then reach to much lower levels. I believe that the market will eventually go hunting the $60 level, but I think that it will be very noisy between here and there. After all, I believe that the oversupply of crude oil in the United States will continue to weigh upon the value of this market.

Crude Oil Price Forecast Video 01.03.18

Brent

The Brent market went sideways after initially falling on Wednesday, went sideways again near the $66.50 level, and then broke down significantly after that to reach towards the $65 level. This is an area that obviously has been important in the recent past, so I think it’s only a matter of time before we get some type of bounce. That bounce could be a selling opportunity though, because we have recently broken through the bottom of an uptrend line, which should now be resistive. If we can break down below the $64.50 level, that should continue to send this market much lower. I do believe that happens eventually, especially if the US dollar continues to strengthen. Otherwise, I think that we will continue to bounce around rather wildly, so this market could be difficult. It’s not until we break above the $68 level that I would be a buyer.