Crude Oil Price Forecast March 20, 2018, Technical Analysis

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Updated: Mar 20, 2018, 05:40 UTC

Crude oil markets were very noisy during training on Monday, but essentially moved very little as the Americans woke up. At this point, I anticipate that the 62.50 level will be significant, so if we were to break above that level, things could get interesting. Until then, I think we are still banging around in the same noise.

WTI Crude Oil

The WTI Crude Oil market was very noisy during Monday trading, but essentially didn’t pick up much steam in one direction or the other. I think that the oil markets will continue to face a bit of pressure, as drilling activity seems to be picking up in America again. There are concerns about the Iranian nuclear deal being trashed, but until that happens, that’s only speculation and quite frankly nothing more than a thin rumor to move the market. I suspect that we are going to be looking at $61.50 relatively soon. If we did break above $62.50, then the market can continue the rally that we’ve seen over the last 2 trading sessions.

Crude Oil Video 20.03.18

Brent

Not to be outdone, Brent markets were choppy as well. It looks as if the brand market is ready to continue being very noisy, and I believe currently that the $66.50 level is going to offer resistance. If we can break above there, then the market can go higher. Until then, I suspect that we will pull back a few times in an attempt to build up the necessary momentum. $65.50 could be a target, and $65 after that as the next target. I believe the crude oil is going to continue to be choppy, but it must be said that the last couple of sessions have been rather bullish, so this isn’t necessarily going to be an easy market to break down.

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.