Crude Oil Price Forecast September 26, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went sideways initially during the day on Monday, but then shot much higher. Because of this, the market looks likely to continue going higher, and I believe at this point, pullbacks will more than likely find buyers underneath. I believe that the $50.50 level should continue to be support, extending down to the $50 handle. The market will probably target the $52.50 level above, which is a massive amount of resistance, but a break above there should then send this market towards the $55 level. Rosalie, I think there is more of a proclivity to go higher, but there is a lot of noise between here and there that could get in the way. Longer-term, I think there is still going to be far too much in the way of resistance, but right now I prefer buying short-term dips.

Crude Oil Video 26.9.17

Brent

Brent markets went sideways initially during the day, and then reached to the upside, going towards the $58.50 level. I think that pullbacks are buying opportunities, and it’s only a matter of time before the buyers get involved. Once we do get a pull back, I think it’s a buying opportunity on signs of support. I think that eventually the market should then continue to go towards the $60 level above, which should be a certain amount of psychological resistance. Ultimately, if we break above there, then it’s a much larger buy-and-hold signal. I don’t think that’s going to happen, so given enough time I believe that the buyers will prevail in a market that should continue to see a lot of volatility. I believe the market will continue to offer longer-term selling opportunities, but we are not seeing that currently in a market that is getting a bit of bullish momentum.