Crude Oil forecast for the week of September 18, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market rallied during the week, breaking the top of a shooting star from the previous week. We tested the $50 level, but could not break above there. If we can break above the top of the candle for the week, the market should continue to go higher, perhaps reaching towards the $52.50 level. I think that the market is continuing to build up bullish pressure, and therefore I think we will probably go to the $52.50 level. However, there’s not a lot of room to move for longer-term traders, so I prefer short-term markets.

WTI Video 18.9.17

Brent

Brent markets are testing a resistance barrier just above the $55 level, and I think that a short-term pullback could be coming. If we do get it, I believe that the $52.50 level should offer support, and perhaps a buying opportunity. If we break above the $57.50 level, the market should then go looking for the $60 handle.