Crude Oil Price Forecast June 23, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market had a slightly volatile session on Thursday, showing signs of life again. However, the market is simply retracing what has been a very negative sign. I believe that the $43.50 level above should continue to be very resistive, so some type of exhaustive candle near that area for me is and I selling opportunity. I have no interest in buying crude oil, quite frankly the oversupply issue continues to be a major problem, and of course OPEC has all but lost its ability to influence the market for any length of time. If the US dollar continues to pick up value, that will of course punish the oil market as well. I have no interest in buying this market, least not until we break well above the $45 level, which doesn’t seem very likely to happen anytime soon. Sell and sell again is how I approach this market.

Crude Oil Forecast Video 23.6.17

Brent

Brent markets broke higher during the day, breaking above the $45 level. I think that the $46 level above is massively resistive, so some type of exhaustive candle between here and there is a selling opportunity as far as I can see. Ultimately, this is a market that should continue to be very negative, and I think that we should probably go looking towards the $40 level underneath. With this being the case, the market should continue to be bearish due to the oversupply, and at this point I have no interest in buying this market, because quite frankly there is no real reason to believe that if things going to change anytime soon. Because of this, the market looks likely to be volatile, but most certainly negative in general. By waiting for an opportunity to sell, you should be able to find opportunity.