Crude Oil Price Forecast – while day for crude oil

WTI Crude Oil

The WTI Crude Oil market trying to rally during the day, finding the $68.50 level as somewhat supportive. However, you can see that the $69.50 level offered far too much in the way of the resistance and the market crumbled from there. Of course it wasn’t so much resistance as it was robots trading headlines crossing Twitter, which is why I would not surprise me at all to see this market turned around to rally above that level. James Bullard suggested that Fed tightening might bring in a recession, which is exactly what happened during the last five tightening cycles, so it was a bit of a surprise that it was a surprise to anyone. However, at this point markets look very erratic and probably are best avoided.

Brent

Brent markets dipped down to the $77 level, an area that looks to be rather supportive. I think that if we can break above $78, then the Brent market could continue to rally. The robot trading has gotten a bit out of control, so I would make sure that if I was to play in the energy markets, I would do so in the CFD category and not futures. One minute I was up $650, the next minute I was down $200. This was literally over the course of about three minutes. This is what happens when robots take over the market. Right now, this is all about algorithmic trading and therefore it’s not very stable.

Crude Oil Price Forecast Video 06.09.18