Crude Oil Price Forecast November 23, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market has skyrocketed during the trading session on Wednesday, reaching towards the $58 level. However, we continue to see quite a bit of resistance there, so it’s not a surprise that we couldn’t break above there. If we do, that should send this market looking towards the $60 handle next as it is the large, round, psychologically significant barrier just above. If we pull back, I suspect that it’s going to be a buying opportunity, as we have seen so much in the way of bullish pressure. However, keep in mind that the United States is celebrating Thanksgiving Day, and the next day of course is quite often then to say the least. Because of this, moves could be around can I would be very careful about putting large positions on.

Crude Oil Price Forecast Video 23.11.17

Brent

In a situation where we rallied, pulled back to the $62.75 level, found a bit of support, it looks likely that we will continue to see buying pressure, perhaps a move towards the $64 level above, maybe even the $65 level. I think that a breakdown below the $62.50 level is bearish, but I also believe that there is enough bullish pressure in what looks to be a bit of a bottoming pattern to try to reach the highs again. Overall, I believe that there is a lot out there that could add to the bullish pressure, not the least of which is the situation that’s going on in the Middle East involving Saudi Arabia and Iran. Tensions tend to bring the value of oil much higher, and the Middle East is full of a right now. However, I think that there is only a matter of time before the American start to drill more, and start putting bearish pressure in this market. I think that is why we continue to be so choppy.