WTI Crude Oil
The WTI Crude Oil market fell during the session on Wednesday, slicing towards the $67 level. That’s an area that is supportive, and if we break down below that level, then I think the market should go to the $66 level next. If we break down below there, then I think there is even more support at the $65 level. As I record this video, the market looks as if it is trying to break down significantly, and therefore I think we could get a bit of momentum. Ultimately, this is a market that will find support underneath though, because we have the jobs number coming out on Friday, and that of course will have a major influence on demand as well.
Brent
Brent markets fell as well, testing the $72.50 level for support. If we can break down below there, the market probably goes down to the $71 level which is a significant amount of support just waiting to happen. I think that the market should continue to be very noisy, but overall if you are cautious enough, you should see significant levels offer plenty of opportunity. I think that the $75 level above will be difficult to break through, so I think that it offers a bit of a ceiling in the market, least in the short term. Expect a lot of back and forth action, so using a range bound strategy using these levels might be the best way to go.