WTI Crude Oil
The WTI Crude Oil market initially went sideways during the trading session on Tuesday, pulled back to reach towards the $57.50 level, and then rallied to the upside, reaching towards the $58 handle. If we can break above the $58 level significantly, I think the market then goes to the $58.50 level, and then eventually the $59 level after that. I expect we will see a lot of volatility due to the lack of liquidity, but in general looks as if the buyers are trying to make a bit of a statement. I think that you need to be quick to take your profits in this market, as there will be a lot of noise in this market, but I think that the market will be difficult to hang onto a trade in, so keep that in mind. Volatility continues to be the biggest factor.
Crude Oil Price Forecast Video 21.12.17
Brent
The Brent market initially tried to rally during the day on Wednesday, but then broke down to turn around and find support underneath. By doing so, the market rallied a bit and reached towards the $64.40 level. After that, the market looks very likely to reach towards the $65 handle above which of course has much more structural importance. I think that the markets might be bullish towards the next couple of sessions, but the liquidity is going to be an issue, so a lot of this may be a low-volume. Because of that, be quick to take your profits in a market that has been very noisy and quick to change attitudes.
This article was originally posted on FX Empire