Crude Oil Price Forecast October 27, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil will be awaiting the Baker Hughes Oil Rig Count today, the as we approach the $52.50 handle. This is an area that I expect to see significant resistance, but if we can break above there solidly, the market is probably ready to go to the $55 level next. Pullbacks will more than likely find support below at the $52 region, and I think that the volatility will probably continue to push this and upward manner. However, if we were to break down below the $51.75 level, at that point I would expect the market to roll over a bit, perhaps dropping down to the $51 handle. Recently though, it seems as if the buyers are very resilient, and I think that leads to higher pricing.

Crude Oil Forecast Video 27.10.17

Brent

Brent markets have broken above the $58.50 level again, and are struggling with the same resistance barrier that we had seen during the Wednesday session. However, I think it’s only a matter of time before we break out to the upside, and go looking towards the $60 level next. That’s an area that should cause a bit of resistance, both structurally and psychologically. I think that longer-term, markets will continue to favor the buyers, at least until we get to the $60 level. A break above there would be extraordinarily bullish, and I believe that the Baker Use numbers coming out today could be a catalyst to push us to the upside.

If we were to pull back from here, I think the $58 level should be thought of as a bit of a floor in the market, and is not until we break down below there that I would become concerned with the bullish momentum. Currently, I am much more comfortable long that I am short of this market.