Crude Oil Price Forecast June 27, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the day on Monday, but found enough resistance near the $43.50 level to turn things around and fall significantly. We ended up breaking below the $43 level, and it looks as if the sellers are starting to come back into the marketplace and push even lower. I have no interest whatsoever and buying this market, as the oversupply issue will remain. With the US dollar strengthens, it’s likely that the oil markets will fall apart. We are below the 24-hour exponential moving average, and that of course is negative. I believe that the market will probably go looking for the $42 level next. Selling signs of exhaustion continue to be the way, because the market is obviously very bearish, so therefore I don’t have any interest in buying, and I believe that the market will continue to find sellers.

Crude Oil Video 27.6.17

Brent

Brent markets gapped higher at the open on Monday, but then found enough resistance near the $46.20 level to turn around and fall towards the $45 handle. This is a market that continues to be a “sell the rallies” type of situation, and therefore I don’t have any interest in buying. I believe that the oversupply issue will continue to plague pricing in general, and that being the case, I think that we are going to go looking for much lower prices.

To be honest, I have no idea what would change the overall trend beyond more demand. There doesn’t seem to be enough out there to propel the markets, so I will continue to be bearish of the oil markets and ultimately, I have no interest in trying to fight the nasty bearish trend. I believe that we are going to go looking for the $44 level relatively soon.