Crude Oil Price Forecast – volatility continues during Wednesday trading

WTI Crude Oil

The WTI Crude Oil market has been very noisy during the trading session on Wednesday, drifting back and forth between the $64.75 level, and the $66 level as I record this video. If we can continue above the $66 level, that would be a very bullish sign for this market, perhaps “front running” the announcement to the $67 level. The uptrend line underneath continues offer support, and I think it’s only a matter of time before we get some type of buying pressure on a pullback, especially if we fall between now and Friday when we expect to have much more in the way of details when it comes to OPEC production output.

Brent

Brent markets of course have been noisy as well but do have a little bit more structure to them, as the 50 hour SMA has been somewhat reliable, and of course is $75 level attract a lot of attention. Because of this, I think that were going to continue a bit of a “holding pattern” over the next 24 hours, and unless there is a statement that leads the market to believe that the oil ministers have already made up their mind on something. A break above the $76 level could open the door to the $77 level, just as a break below the $74.50 level could open the door to lower pricing. In general, I anticipate that we are looking at a lot of back-and-forth choppy and sideways action, so short range bound scalping system could be deployed in the market.

Crude Oil Price Forecast Video 21.06.18