Crude Oil has a wild ride on Wednesday

WTI Crude Oil

The WTI Crude Oil market fell initially during trading on Wednesday, reaching down to the $62 level. This was a technically important level, as it was where the uptrend line crossed on the daily chart. I think that holding this level is crucial, and we should stay above it today as we await the jobs number tomorrow. Obviously, the jobs number could influence where we go next, as it could show potential demand coming out of the United States. If we were to break down below the uptrend line on a daily close, then he could change things, perhaps unwinding this market down to the $60 level. Otherwise, a break above the $64 level could have the market looking for the highs again.

Brent

Brent markets fell initially during the day but found the $67 level to be supportive enough to turn things around and go slamming back into the previous uptrend line on the hourly chart. This isn’t a major trend line though, so I only give it so much in the way of importance. I think that if we can break above the $68.50 level, the market is very likely to go to the $70 level next. Otherwise, if we roll over and go looking towards the $66.50 level, I think that enough momentum to break down below there could send this market down to the $65 handle, the next psychologically significant level. I anticipate a lot of noise, but quite frankly today will be choppy in both markets, as the world awaits the largest economic announcement of the month.

Crude Oil Price Forecast Video 05.04.18