Crude oil grinds sideways during choppy Thursday session
WTI Crude Oil
The WTI Crude Oil market went back and forth during the trading session on Thursday, dancing around the $68 level. This is an area that has offered a bit of support, and I think we are looking to go higher at this point. I think that the $67 level underneath should offer plenty of support, and even though it’s been very quiet on Thursday, it’s likely that the overall uptrend should continue. I believe that the $70 level above is a bit of a target, as it is a large, round, psychologically significant figure. Oil markets are very technically driven, so it makes sense that we would go to that level. I believe that selling is all but impossible at this point.
Brent
Brent markets went back and forth during the day with a slightly upward bias. We look likely to break above the $75 level, which would free the market to go much higher, perhaps the $77.50 level. I believe that the market continues to offer value every time it dips, and it looks likely that the $73 level is trying to form a floor in the market. I believe that the overall attitude of this market continues to be bullish, perhaps due to geopolitical tensions in the Middle East. Regardless of the issue, most of the pundits that I speak to our bullish of this market, so I think that short-term pullbacks continue to offer value that traders will take advantage of. In fact, there is an uptrend line that is found somewhere near the $68 level that would need to be broken for me to start selling again.
Crude Oil Forecast Video 27.04.18
This article was originally posted on FX Empire
