Crude Oil rally significantly during session on Wednesday

WTI Crude Oil

The WTI Crude Oil market has rallied significantly during the trading session, gaining over 2% after walking along the uptrend line. The market should continue to go higher as the longer-term uptrend has held, and therefore I think short-term pullbacks will be buying opportunities that you can take advantage of. I think that we will go looking towards the $70 level next, and then perhaps break above there given enough time. I think that it’s only a matter time before we find buyers on these dips, as it will bring in the value hunters now that we have seen a surge higher and a definite attitude adjustment.

Brent

Brent markets exploded to the upside, gaining even more than the WTI markets as buyers came back in force. The $75 level underneath has offered support, and it now looks as if the buyers are starting to take advantage of value pricing yet again. Given enough time, I believe that the market will probably go looking towards the $80 level above, which is massive resistance. Short-term pullbacks should be buying opportunities, so I like the idea of picking up value when it shows itself, as we have clearly changed the overall attitude that we have seen over the last several days. I believe that the $75 level should offer a “floor” in the market now, and that you can add every time the market makes a “higher high” on the short-term charts. I do expect the $80 level offer a lot of resistance though.

Crude Oil Price Forecast Video 31.05.18