WTI Crude Oil
The WTI Crude Oil market exploded to the upside on Tuesday, and Wednesday saw a little bit of a pullback based upon a lack of volume I believe. The $60 level course has offered significant resistance, as it is a large, round, psychologically significant number, and of course structurally important based on longer-term charts. I think that we should see pullbacks in the short term, but given enough time I think the buyers will probably jump back in, mainly because they had been previously. If we were to break above the $60 handle, I think the market then goes to the $62.50 level next, which is important on weekly charts as well.
Crude Oil Forecast Video 28.12.17
Brent
Brent markets pulled back a bit, retesting the previous trendline in the channel that we had just broken out. I think will probably reach towards the upside again, as the $67 level above is a large, round, psychologically significant number, and if we can break above there, it’s likely that we could go towards the $70 level longer term. It’ll be interesting to see what happens next, but I think if we break down below the $66 level, we probably go looking towards the $65 level. With a lack of volume, pretty much anything can happen, as it will take much to move the futures markets. Again, pay attention to the headlines coming out of the nor see, because pipelines struggling to produce will of course drive the price a bit higher. Further exacerbating the market is the US dollar falling.
This article was originally posted on FX Empire