Crude Oil Price Forecast September 12, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market was very volatile during the session on Monday as traders come back to work after the hurricane induced panic in Florida. It now looks as if there may be a bit more demand for petroleum than originally thought, and this has sent the market higher. Longer-term, I still believe that we have structural issues involving this market, and that being the case I think that the market could rally initially, only to find sellers again at higher levels. This market continues to be very volatile, and I think that will be the norm over the next several weeks. This being the case, I would consider smaller positions than usual, although currently I think it’s probably more likely to go higher in the short term than lower. The next major resistance barrier I see is the $49 level.

Crude Oil Video 12.9.17

Brent

Brent markets continue to be choppy as well, and have reacted very similar to the WTI markets. On a break above the top of the range for the day, extensively the $54 level, the market will probably go back towards $55 level looking to break out. Alternately, if we roll over from here I think we go looking for the $52.50 level. Again, this is a market that should be rather choppy and difficult, so small position sizing might be the best way to deal with it.