Crude Oil Price Forecast March 26, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially rally during the trading session on Friday but ran into a buzz saw of resistance near the $65.50 level. I think that given enough time, buyers will come back into this market on short-term pullbacks, as there should be plenty of support underneath, especially near the uptrend line. The market continues to be very bullish, at least until we break down below that level. I know that we have some concerns with oversupply, but in the end, it will be depended on the US dollar as well, as a strengthening greenback and work against the value of oil. If we do breakout to a fresh, new high, the market probably goes to the $70 level.

Crude Oil Inventories Video 26.03.18

Brent

Brent markets rallied a bit during the trading session on Friday, reaching towards the $70 level. This is also a major area based upon the large round number, and of course the previous uptrend line that now should offer resistance. The candle for the session is starting to look a little bit like a shooting star, but in the end, I don’t think it means much rather than we are trying to break out to the upside, and of course struggling. The market may have gotten ahead of itself during the week, so look at pullbacks as potential buying opportunities. Based upon longer-term charts it looks likely that we are in consolidation with $65 underneath offering a floor.