Crude Oil Price Forecast March 29, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market has broken down significantly over the last couple of days, and I think that we are in the midst of a correction that should continue to find buyers underneath given enough time. I recognize that there is a massive uptrend line underneath it will also keep the market afloat, so I believe it’s only a matter of time before the buyers get involved. So far, this pullback should end up being a simple correction, and I think that the market participants see this as such.

Brent

Brent markets broke down during the day as well, as $70 offered a bit of resistance. The $69 level offered a little bit of support, but I think in the end we are going to find buyers underneath regardless. The short-term outlook for this market is certainly positive, just as the Russians agreed to stick with the OPEC deal, that should give us an opportunity to see buyers jumping into this market. I think that the $70 level will continue to be very important, and I do think that the volatility will continue. I think that the overall attitude of the market remains bullish, and that little bit of extra bullish news certainly doesn’t hurt.

If we did breakdown below the $69 level, the market probably goes down to the $68 level as well. Ultimately, I think that the overall uptrend isn’t threatened until we break down below the $65 level on the daily close.

Crude Oil Price Forecast Video 29.03.18