Crude Oil Price Forecast – Crude Oil Continues to See Noise

WTI Crude Oil Technical Analysis

The crude oil market in the West Texas Intermediate grade has shown itself to be somewhat resilient in the early hours of Wednesday. But at this point in time, we are still waiting to see whether or not this is a move that has follow through or if it is just a short term bounce. If we can break above the $78.50 level, then I think you have a real shot at this market recovering for a bigger move.

Keep in mind that crude oil is typically bullish this time of year, but there are a lot of geopolitical concerns also that could pick up the market. Quite frankly, we are oversold, so the question of course at this point is going to be whether or not this is just a simple bounce or if it’s something bigger.

Brent Crude Oil Technical Analysis

The Brent markets also bounced quite nicely. In this case, it is from the $80 level. If we can clear the $81.81 level, then I think Brent has a real shot at rallying, perhaps breaking to the $84 level above. The $84 level is an area that’s been important multiple times, and it is worth noting that previously, we ended up forming a head and shoulders, and we have broken down from that.

But we’ve also found ourselves reaching the measured move. So, this could be it. We’ll just have to watch. I do need to see a little bit of follow through to put money to work. So, at this point in time, I’m in a little bit of a wait and see pattern, but if we can break that $81.81 level, then I think it might be time to start putting money to work in the Brent market.

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