Crude Oil Price Forecast January 18, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially fell during the trading session on Wednesday, testing an uptrend line that has been important for some time. By doing so, and of course bouncing, the market looks as if it is ready to go reaching towards the $65 level above. The market pulling back and bouncing from this trend line is probably the best technical signal that we can see, and I think that it’s only a matter of time before we not only reach the $65 level, but then eventually break above it, offering a longer-term trade. Noise continues to be a major factor in this market though, so be careful.

Crude Oil Price Forecast Video 18.01.18

Brent

Brent markets pulled back initially during the session as well, but then bounced off the major uptrend line on the hourly chart also, and I think it looks likely that we are going to go towards the $70 level again. That’s an area that offers a significant amount of resistance, but I think given enough time we will not only breakout above there, perhaps go higher than that as well. There is a gap just above the $70 level though, so don’t expect it to get broken immediately. There’s a lot of volatility, but with the US dollar being soft lately, that has helped crude oil as well as other markets also. If we were to break down below the $60 level, that would be catastrophic for the uptrend.