Crude Oil Price Forecast November 13, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market did very little during the day on Friday, as we continue to see the market hover around the $57 region. The market is a bit overextended, so I think we are taking a bit of a breather so that we can continue to go higher. I also recognize that the $55 level underneath should be the “floor” in the market, so pullbacks should be thought of as potential buying opportunities. The $60 level above is the target for me, but I think it will take a while to get there. Buying on the dips continues to be the way to go going forward from what I see, and I’m not interested in shorting this market until we get well below the $55 level. I think that the oil market will continue to find buyers and the short-term, but I also recognize that the $60 level could be far too much in the way of resistance.

Crude Oil Inventories Video 13.11.17

Brent

Brent markets went sideways as well, chopping around and the $63.50 level. I believe that the $65 level above should be resistance, and I think that the market should continue to be resisted at that area. After all, we have a significant amount of overextension in this market, and I think that the market will see a lot of sellers in that region as when the price of oil spikes, we should see more rigs in the United States, Canada, and the Caribbean. Overall, I think that it’s likely that the markets will continue to be volatile, but given enough time I think that the supply and demand and balance comes back into focus, and we see the market drop a bit. Short-term though, it certainly looks as if the buyers are in control.