Crude Oil Price Outlook – Crude Oil Continues to Look Noisy

WTI Technical Analysis

The crude oil market initially tried to rally a bit during the trading session here on Thursday but then gave back the gains and has fallen to test the crucial $60 level. Quite frankly, I think a lot of what we are seeing here is a reaction to the overreaction the day before on a pause on tariffs. So, with that being the case, it’s not a huge surprise to see that this market has shown itself to be a little lackluster during the day.

We still have a lot of the same issues, not the least of which will be over supplies. So, I think at this point, what we may have is a potential setup where we are trying to form some type of range between $60 and $65. We’ll just have to wait and see. But as things stand right now, there’s not enough here for me to start buying.

Brent Technical Analysis

Brent markets are pretty similar to what we have found the $66 level to be a bit resistive. And now we have to pay close attention to whether or not we can continue the upward momentum. If we do, we could test the $70 level. But really at this point in time, this is still a very bearish market. We aren’t quite out of the woods yet.

It’s probably going to be smart to wait a day or two before buying if that’s what you really want to do. And as far as shorting is concerned, I think you could do so on short-term charts. But I’m looking for more sideways action here as well. There’s been a lot of technical damage and a lot of times the markets have to digest that.

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