WTI Crude Oil
The WTI Crude Oil market exploded to the upside, breaking above the $65 level as the Americans bought more crude oil. At this point though, I think that we are bit overbought, and I also recognize that there are is a strong chance of this market turnaround based upon exhaustion. I think that short-term traders will continue to pick up this market every time it dips over the next couple of days, but if we were to turn around and break below the $63.50 level, we will more than likely drop to the $62 level.
Crude Oil Price Forecast Video 22.03.18
Brent
Brent markets also rallied, breaking above the $69 level. I think there is a significant amount of resistance near the $70 level above, an area where I would anticipate seeing a lot of psychological resistance, and especially so now as we are overextended. The market continues to be very noisy, especially considering that we have a lot of moving pieces. The Federal Reserve coming out with a monetary policy statement during late trading on Wednesday of course will have an influence on the US dollar, and by extension will have an influence on the oil markets. That will be temporary though, unless of course the US dollar explodes in value, which could put significant downward pressure. I suspect in the short term, we may see a bit of a pullback, but I think there is enough interest underneath 2 continue the short-term uptrend. $70 will be crucial.