Crude Oil Price Forecast August 17, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market fell significantly during the session on Wednesday, as the Federal Reserve Meeting Minutes were much more dovish than anticipated. This suggests that perhaps not all is right in the economy, and that would be yet another problem for crude oil. Because of this, the market is very likely to continue to find sellers on short-term rallies, and I believe that were going to go looking towards the $45 handle. In fact, even with the US dollar falling, it doesn’t seem to be helping oil. That’s a very bad sign.

Crude Oil Price Forecast Video 17.8.17

Brent

Brent markets initially were volatile during the day but continue to grind lower as time went on. If we can break below the $50 level, that’s a very negative sign, and has me shorting this market aggressively. I believe that the market will continue to offer selling opportunities on exhaustive candle’s after short-term rallies, and I now have no interest in buying this market as it is not behaving well to the US dollar at all.