Crude Oil Price Forecast March 16, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market bounced a bit during the trading session on Thursday, as we continue to see support from the uptrend line on the daily chart just below at roughly $60.50 or so. I think that there is still a massive amount of resistance near the $62 level, so it’s not until we clear that area that I’m comfortable buying with any size. I think we continue to be very noisy, and the easier of the trades would be to sell a breakdown below $60. However, right now we have not done that and although it’s been positive during the day on Thursday, it has been relatively quiet.

Crude Oil Forecast Video 16.03.18

Brent

The bread market has also gone higher during the trading session on Thursday, but just slightly so. We are now above the $65 level, and I think that will continue to be an area of significance. The market breaking above the $66 level would be very bullish, just as a selling opportunity presents itself at $64. I think that breaking down below that level could send this market down to the $62.50 level, and then eventually the $60 level. The US dollar has rallied a bit during the day, so perhaps that’s part of the reason oil has struggled to gain significantly, but I believe that we may have seen the highs for the year, so I still have a bit of a negative bias overall.

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