Crude Oil Price Forecast March 28, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the day on Tuesday but gave back a lot of the gains as the $66 level has caused significant resistance. I think that the market might be a bit overbought, so it would make sense to see a bit of a pullback at this point, so that traders can find some type of value. I suspect that there is support near the $64 handle, and maybe even at the $65 level. I think short-term we will pull back, but longer-term we will probably find buyers to continue to try to press to the upside. While I am bearish longer-term, oil certainly looks as if it is still in an uptrend.

Brent

Brent also was choppy during trading on Tuesday, using the $70 level as support, and the $71 level as resistance. The market should continue to go back and forth and continue to find buyers on these dips. This will be especially true if the US dollar continues to fall, which it has been doing over the last couple of days. I believe that if we can break above the $71 level, the market probably goes to the $72.50 level after that. If we break down below the $70 handle, the market probably goes down to the $69 level. This is a market that continues to be very noisy, but I think that given enough time we should continue to buyers jump in.

Oil Forecast Video 28.03.18