Crude Oil Price Forecast October 23, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially gapped higher at the open on Friday, turned around to fall significantly, but then found buyers again as we reached towards the $52 level towards the end of the day. I think that it’s only a matter of time before the sellers come back in though, as the $52.50 level has been rather resistive above. On signs of exhaustion, I believe that short-term sellers will come back into this market as we continue to grind away sideways. However, if we were to break above the $52.50 level, that should free this market to go to the $55 level above there, which is the longer-term target for the buyers. I believe that the $51 level underneath continues to be massively supportive as well.

Crude Oil Inventories Video 23.10.17

Brent

Brent markets fell as well, reaching down towards the $56.50 level, before rallying significantly to break out towards the $57.75 level. This market shows resiliency in this area, and I think it will continue to try to rally from here, perhaps reaching towards the $60 level, which should be massively resistive. In the meantime, I think that the one thing you can count on is a lot of volatility and of course back and forth trading. In the short term, I think that we will probably see buyers get involved, but again, I think that there are sellers above just waiting to get involved in the market. I think that the oil markets continue to be very volatile and difficult, as while the Russians and Saudi’s look likely to try to cut production numbers, the Americans and Canadians will course flood the market when oil prices go too high. Volatility is probably the only thing that you can count on.