Crude Oil Price Forecast March 15, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market bounce around during the day awaiting the inventories number. At this point, the technical outlook for this market is negative, until we can break above the $63 level. Alternately, if we break down below the $60 level it’s likely that we would see this market break down from there and continue to go even lower, reaching the $58 level initially, and then breaking down to even lower levels than that. At this point, I suspect that the crude oil markets will continue to suffer at the hands of oversupply, as the oil markets most certainly have proven to be flooded with product.

Crude Oil Price Forecast Video 15.03.18

Brent

Brent markets went back and forth during the trading session on Wednesday, as we continue to bang against the $65 level as resistance. I think that the market will struggle to get above there, but even if it does, I’m not convinced until we break above the $66 level to start buying. I think that selling the market continues to be a situation where we will struggle to find clarity, but it seems to be the best way to trade this market. I think that the market will eventually break down, but until we get that moved below the $63.50 level that I’m waiting for, it’s likely we will stagnate and continue to be very noisy. Once we do break down though, I expect this market to go looking for $60.

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