Crude Oil Price Forecast – oil markets continue to be very noisy

WTI Crude Oil

The WTI Crude Oil market has initially tried to rally during the trading session on Thursday but fell to the 50 SMA on the hourly chart to find support at the $66.50 level. Ultimately, I think that the market should continue to find buyers underneath, as we have continued to see people willing to pick up value as it appears. Quite frankly, on the chart, it looks as if we are going to continue to grind higher. I think that is probably the main theme of this market currently.

Brent

Brent markets when sideways initially during the trading session on Thursday, but then broke down to the $76 level. There seems to be a lot of support underneath, extending down to the $75 level. It’s likely that the area will continue to be very supportive, and therefore I think that the buyers will come back in sooner rather than later. I like the idea of the $75 level continue to offer a bit of a floor, as it has been so important over the last several days. I think that the market will continue to be noisy, but that’s nothing new. It looks as if the $77 level above offers resistance, so I would employ a range bound trading session, perhaps using the stochastic oscillator if we stay in this range.

Crude Oil Forecast Video 15.06.18