Crude Oil Price Forecast March 9, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market fell as low as 1.5% negative during the trading on Thursday, testing the $60.20 level. This is a market that continues to find bearish pressure after a significant trend line break a couple of weeks ago. The oversupply of crude oil is going to continue to be an issue, as Americans drill away in what is a buoyant market until recently. The supply will eventually overwhelm and send this market below the $60 level in my estimation. Once we get that moved, I believe that WTI goes looking towards the $58 level next. In general, I remain bearish. It is because of this I am looking at rallies as selling opportunities at the first sign of exhaustion.

Brent

Markets also fell during the day, although not as much. There seems to be significant weight upon the shoulders of this market, and I think that will continue to be the case. A breakdown below the $63 level sends the market looking toward $60 next, and I think it’s only a matter of time before we see that play out. I also recognize that there is a massive ceiling in this market near the $65 level, so it’s not until we break above that handle that I would consider buying. I believe that the crude oil markets will continue to be soft overall, and of course Brent is a going to be any different than some of the other ones.

Crude Oil Forecast Video 09.03.18