Crude Oil Price Forecast September 8, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went sideways, fell a bit, human rallied. Ultimately, the market looks as if it is trying to figure out what to do about hurricane Irma, so it is can be very difficult to decide where to go next. Ultimately, I think that the market could go looking towards the $50 level above. I think that level will be resistance, but if we break above there, the market should then go to the $51 handle. Alternately, if it looks as if hurricane Irma is going to turn around and avoid the oil rigs in the Gulf, we could see a turnaround in this move. Expect extreme amounts of volatility as we are literally trading the weather.

Brent

Brent market was also very volatile, but ultimately slightly positive. The market should then reach towards the $55 level above, which is a massive barrier. A break above the $55 level should send this market to the $57 level. This is a market that continues to be very volatile as we are trading the weather and it as well, and as a result it is probably best left alone, or at the very least traded in very small increments.