Crude Oil Price Forecast March 21, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market broke out to the upside during the trading session on Tuesday, clearing the $63.50 level. Because of this, oil looks likely to continue to go higher, as we have seen a significant amount of support recently. The uptrend line that I have been watching is most certainly still supporting the market, and now it looks as if we could try to go towards the $65 level. That being said, you should pay attention to the US dollar today, because it’s reaction to the Federal Reserve will have a bit of a “knock on effect” in this market.

Oil Forecast Video 21.03.18

Brent

Brent markets also break out to the upside, reaching towards the $67.50 level. I think that pullbacks will be buying opportunities, and it looks like we are going to go looking towards the $70 level eventually. Otherwise, I think that the $65 level will be massive support. I think at this point, crude oil certainly is going to continue to show strength in the short term, but I do think that longer-term we have some serious issues to overcome. We have seen moves like this in the past, only to get turned around again. So, I think we will have to ask longer-term questions closer to the $70 level, and it now looks as if the market is willing to put things to the test.