WTI Crude Oil
The WTI Crude Oil market fell initially during the trading session on Thursday, dropping towards the $57.50 level. That’s an area that has been supportive in the past, so the fact that we had buyers jump in just above there is not a huge surprise. Because of this, it’s likely that the overall attitude of the market continues, meaning that the market should be rather choppy. The volumes of course are low during this time of year, but also, we have a lot of different fundamental factors pushing the market’s around. In the short term, it looks likely that the WTI market will rally a bit, but I also recognize that the $59 level above is massive resistance. Because of this, short-term back and forth trading is probably as good as it gets.
Crude Oil Forecast Video 22.12.17
Brent
Brent markets have gone back and forth during the trading session on Thursday, initially falling but then turning around to show signs of bullish pressure. The $65 level above is massive resistance, and I believe that if we break above there, we could go as high as $65.50 level after that. However, I think that the $64 level is also supportive. The market continues to grind in general, and because of this volatility will probably continue to offer short-term back and forth trading opportunities, but in small position sizes as the volatility could cause a bit of an issue. In general, I think that it’s probably best to leave this market alone over the next couple of sessions, but if you are a scalper, you may do quite well.
This article was originally posted on FX Empire