Crude Oil Price Forecast October 19, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went sideways, and then shot back and forth as inventory numbers came out more bullish than anticipated in America. The $52.50 level above is massively resistive, and I think it’s going to continue to offer a lot of negativity, and of course volatility. However, if we continue to see bullish pressure, the market could break out to the upside. If we do breakout above that level, the market should then go to the $55 level above. That is a very bullish sign, and if it happens I believe that money will continue to flow into the market. Alternately, if we do pull back from here, I think we could go looking for support near the $51.25 level. The volatility continues, and I believe that in the short term the buyers should continue to jump into the market.

Crude Oil Price Forecast Video 19.10.17

Brent

Brent markets went sideways initially during the day, but then rallied a bit to reach towards the $58.50 level. We pull back from there, but then started to find buyers again near the $58 handle. The hammer is that formed on the hourly chart suggestive are going to continue to find buyers, and perhaps try to reach towards the $60 level above. It’s difficult to imagine that we will break through there easily, and I think that if we do, the buyers will flood into the marketplace. In the meantime, I think it’s a “buy on the dips” type of situation, for short-term traders. I think that the gap below from a couple of days ago had been filled, and it shows a lot of support. Because of this, I think that eventually the buyers may win, but it’s going to be very noisy between now and then.