Crude Oil Price Forecast March 23, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially tried to go sideways during trading on Thursday but rolled over rather drastically as we continue to see a bit of a “risk off” trade around the world. This obviously has a negative effect on the pricing of crude oil and other commodities as the US dollar has rallied. However, I see a certain amount of support below at the $63.50 level, so I’d be looking for some type of bounce in that area. If we break down below that level, then I think the market goes down to the $62.50 level and reset.

Crude Oil Forecast Video 23.03.18

Brent

Brent markets are a little bit more interesting, as we have crashed into the previous uptrend line that should now offer resistance, which is of course combined with the $70 handle. I think that if the oil markets breakdown, you will see it in the bread market first. Initially, I believe that the move lower may try to reach the $67.50 handle, but a breakdown below there should send this market down to the $66 level. I believe that volatility is going to be a major issue, so be cautious and use small trading positions. However, if we break above the $70 level, we would not only break above a large, round, psychologically significant number, we would also need to keep in mind that we broke above that trend line, which of course would bring in a very bullish tone. Until then, I think we may need to pull back and reset.