Crude Oil Price Forecast – Crude Oil Continues to See Massive Volatility

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market was all over the place in the early hours on Tuesday as we continue to see volatility grab the market’s attention. We are currently hanging around the $67.50 level, an area that I think will be important for some time. And therefore, we need to look at it through the prism of whether or not we turn things around.

If we do break higher, the $69 level is an area that I think could cause a little bit of a headache, but beyond that, then the market starts to rally, I believe, for a longer term move. On the downside, the market could see quite a bit of support near $66. And then again, I would anticipate at the $65 level. After all, the $65 level is the bottom of the range for the last two years or so.

Brent Crude Oil Technical Analysis

Brent markets look very much the same. They’re just jumping around like crazy. We did fall to the $70 level but bounced off from there. So that’s a good sign of support. But having said that, we’ve given about half of that support up. So, with this, I think you’ve got a situation where we continue to see a lot of sideways action as we try to sort out whether or not we are actually forming a bottoming pattern.

I suspect we are closer to the bottom than the top, obviously. And therefore, buying the dip will more or less be a short-term strategy until we can get some type of momentum. In the Brent market, that would involve breaking above the $72.50 level to signify that something more substantial was happening.

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