Crude Oil Price Forecast – crude oil markets soft again on Thursday
WTI Crude Oil
The WTI Crude Oil market drifted a bit lower during the trading session on Thursday, reaching down towards the $69 level. The market should respect that level somewhat, as we see that it has bounced from there. However, it is not what I would consider a major level. If we can hold this area, that’s a very good sign. If we break down below the $69 level, then I think the next area that we could see support at is the $68.50 level, which is a point of focus with market profile studies. A lot of volume was exchanged in that area, so it could be an interesting play as well to the upside.
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Brent
Brent markets have hugged the $79 level during the day on Thursday, an area that has been supported previously. At this point, if we break down below the lows of the day, we could go looking towards the $70 level in an area that has been supportive in the past. I do think that crude oil will make another attempt towards the highs, but it does have me a bit nervous that the WTI Crude Oil market has seen the $71 level offer so much resistance so many times. However, both of these markets are in and uptrend and have strong uptrend lines underneath. Beyond that, they also are in ascending triangle’s, which are good patterns. I think we probably go higher, perhaps if no other reason than the US dollar softened a bit.