Crude Oil Price Forecast February 9, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market has been falling again during the trading session on Thursday, slicing through the uptrend line that held the market higher. I think that we are not only going to go to the $60 level, but I think we are going lower. I look at rallies as selling opportunities going forward, and the $62 level as a bit of a “ceiling” in the short term. Longer-term, we could go down to the $50 level again, and I think we’ve seen the highs for the year. If we broke above the $64 level, then I would be convinced that the buyers are coming back but I don’t see that happening.

Brent

The Brent markets also sold off, losing about 1% as I record this. We have broken below the vital $65 level, so it’s likely that we continue to go much lower. I anticipate that the $62.50 level will be targeted next, and then perhaps even lower than that. Longer-term, I anticipate that we have seen the highs for the years just as we have seen in the WTI market, so therefore I think you are probably better off shorting every rally as they appear. In fact, I’m not a buyer until we break above $67.50, something that doesn’t look likely to happen anytime soon. I believe that oil markets are going to become very soft again as they had been previously.

Crude Oil Forecast Video 09.02.18