Crude Oil Price forecast for the week of March 19, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially fell during the week, testing the area just above the $60 level. We are testing the uptrend line, turning around to form a hammer. The hammer is a very bullish sign, and I think that it shows that we will continue to try to go higher. The $64 level would be the next target, and if we can break above there that I think we go to the $66 level. Alternately, if we roll over and break down below the $60 level, the market could go down to the $58 level, and perhaps even lower. It would be very negative, but I think that we will have noisy conditions regardless.

WTI Video 19.03.18

Brent

Brent markets broke down during the week, slicing below the $64 level one point, then turned around to form a hammer that sits above the 20 SMA of the Bollinger Bands indicator. The $65 level is also offering support, but we had recently broken below an uptrend line. The question now is whether we can recapture that area. We would need to break above the $67.50 level to feel comfortable to start going long. And even then, we would have to deal with the $70 level above. Alternately, if we roll over and break down below the hammer of the week, we will probably go down to the $62.50 level, just as a breakdown below that level should send this market much lower, perhaps down to the $57.50 level.

---

Suggested Articles

• Best United Kingdom Brokers
• Best United States Brokers
• Best Segregated Accounts Brokers

---