Crude Oil Price forecast for the week of March 12, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went back and forth during the week, showing signs of volatility yet again. We have recently broken below a major uptrend line, we show signs of weakness. At this point, it looks as if the $60 level is offering support, and that support extends down to the $58 level. I think if we can break down below the $58 level, the market then falls significantly from there. As far as buying this market is concerned, I would be cautious about doing so until we made a fresh, new high. At that point, I might be a way to move the trendline, but right now looks very unlikely that will happen.

WTI Video 12.03.18

Brent

Brent markets went back and forth during the week, testing the $65 level. The $65 level is a bit of a magnet, and I think there is plenty of support underneath, but I also recognize that if we break down below the $63 level, we will probably reach down to about the $57.50 level. As far as buying is concerned, I’d be a bit hesitant to do so, least not until we broke above the $71 level which is a fresh, new high. This is a market that I think is going to continue to roll over, but anything is possible, especially considering that there are lot of headwinds to geopolitical issues right now, not the least of which would be a potential trade war. I think the oil markets are going to be very noisy.

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