Crude Oil Price Forecast September 7, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went sideways initially during the day on Wednesday, but then broke out to the upside as fears of hurricane Irma continue to weigh upon the markets. Because of this, it’s very likely that we will go looking towards the $50 level for resistance, an area that will of course attract a lot of attention in general. In the meantime, I think that short-term dips offer short-term buying opportunities but we have already made a significant move to the upside, so the so-called “smart money” has already made their play. Ultimately, I think the $47.50 level underneath should be supportive. Ultimately, this is a market that could turn around just as quickly as it rallied, and therefore caution should be exercised if you do decide to start buying.

Crude Oil Price Forecast Video 07.9.17

Brent

Brent markets rallied as well, and continue to find buying opportunities on short-term pullbacks. Ultimately, the $55 level above should continue to be important, and probably offer a bit of a ceiling. The markets have significant volatility in them due to the hurricane, and that continues to be a reason to be very careful in this market. If we see selling pressure at $55, the market then goes down to the $52.50 level underneath. I think that the reaction to the hurricane has already happened, so if you’re looking for some type of major below out to the upside, your late to the party. Ultimately, this is a market that is choppy, and it’s likely that the noise in this market should continue to be something that you should pay attention to. Evan enough time, the sellers should come back but obviously we have a lot of things to worry about in the meantime that should continue to put a bid in Brent.