Crude Oil Price Forecast October 13, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went sideways initially during the day on Thursday, but then rolled over yet again. This is a market that continues to struggle in general, that I see the $50 level underneath being a support level that should continue to attract a lot of attention. I believe that the $50 level underneath should continue to be important for the market, as it is a large, round, psychologically significant number. In the meantime, I think we are somewhat range bound, and it’s likely that we will continue to bang around sideways. I think that there will be buyers closer to the $50 level, just as there will be sellers closer to the $51.50 level. If we were to finally break down below the $49 handle, the market should break down significantly as it would show that the market is ready to roll over completely. Alternately, if we break above the $51.50 level, the market will probably go looking towards the $53 level next.

Crude Oil Forecast Video 13.10.17

Brent

Brent markets also rolled over during the Thursday session, initially going sideways but then reaching towards the $56 handle. A breakdown below there should send this market looking towards the $55 level which is much more psychologically important. I think there are plenty of buyers in this area, and therefore think it’s likely that we will continue the overall consolidation. If we were to break above the $57 level, then the market should then go to the $60 handle above which should be resistant. However, I think that the noise in the oil markets will not only be an issue, but a major concern. I think this is a range bound market at best, and what you are looking to do is sell the market when is overbought, and by the market once it is oversold. Expect a lot of noise.