Crude Oil Price Forecast March 19, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially went sideways during trading on Friday, but then rallied to break above the $61.50 level. We reached towards the $62.25 level, an area that is minor resistance. I think that if we pull back, it will more than likely attract buyers unless we break down below the uptrend line, and more importantly: the $60 handle. If we were to break down below there, the uptrend is over, and I would become massively short of this pair. Otherwise, if we break above the $63 level, the market should then go to the $64 level, which being broken to the upside would be very bullish as well.

Crude Oil Inventories Video 19.03.18

Brent

Brent markets went sideways initially during the trading session on Friday as well, using the $65 level as support. This very important psychological level has brought in buyers, and as I record this we have gained over one dollar, as we are testing the $66 handle above. By breaking above this level, we will then test the $66.50 level, the market should continue to go much higher. However, the bread market is a bit different than the WTI market, as we have already broken below the uptrend line. So, the question now would be whether we can get some help from the WTI market to push Brent higher as well. If we were to break down below the $64 level, that should have this market on winding rather drastically. Expect volatility regardless.