Crude Oil Price Forecast September 28, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market had a choppy and sideways session on Wednesday as we sit just below the vital $52.50 level. Because of this, I think the market is likely to be very consolidated of over the next session or so, and thereby offering short-term buy and sell opportunities. Because of this, I think short-term traders will be involved, but longer-term traders are probably waiting to see if we can clear the $52.50 level. Alternately, if we can break down below the $51.50 level, we probably drop towards the $50.50 level. If we do breakout to the upside, I suspect that the next major barrier is closer to the $55 handle.

Crude Oil Price Forecast Video 28.9.17

Brent

The Brent market continues to drift lower, as the Wednesday session was negative again. The $57.50 level is offering a bit of support, but I think that there is even more support closer to the $56.50 level. The fact that we are drifting lower is of course a negative sign in the short term, but it could be the market looking for support underneath, and perhaps an opportunity to pick up value in a market that has been soft for a couple of sessions. Nonetheless, the Brent markets continue to be bullish longer-term, as it appears that OPEC is finally getting its way. If we were to break down below the $55 level however, that would be a very negative sign in could send this market much lower. Nonetheless, I think that it’s easier to buy these dips then try to look for a shorting opportunity, least in the meantime. To me, it appears that the oil markets have shifted their attitude, and it now looks as if the buyers are starting to flex their muscles for the time being at least.