Crude Oil has a volatile session on Thursday

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the trading session on Thursday but rolled over rather significantly and broke down below the $66.50 level. This is starting to show signs of exhaustion, and I think that we could continue to go much lower. I believe that this market should continue to find buyers underneath, but we are forming a classic sell signal in this general vicinity. The attitude of this market will remain very volatile, but I think that the uptrend line underneath should continue to be a major support level to show signs of the uptrend continuing. Longer-term, it looks as if we could continue to reach towards the $70 level.

Brent

Brent markets also pulled back during the trading session, as they are bit overextended. I believe that the $70 level underneath will be supportive, as it was resistance previously, and of course we have support at the uptrend line. It is because of this that I’m not interested in shorting this market, and recognize that if we pull back from here, it’s likely that we could find buyers underneath to take advantage of the overall uptrend. It’s not until we break down below the uptrend line that I am comfortable selling this market, as I believe we will continue to see a lot of support underneath, and I think that eventually we will continue to go higher. However, if we were to break down below the uptrend line, we should then go down to the $65 level under that there. Expect noise regardless what happens next.

Crude Oil Forecast Video 13.04.18