Crude Oil rallies on Tuesday
WTI Crude Oil
The WTI Crude Oil market rallied significantly during the trading session on Tuesday, slicing through the $65 level. It looks as if we’re going to go looking towards the $66 level above, which was the recent highs. If we can break above there, then I think that this rally extends quite nicely. I suspect that we could get a short-term pullback between now and then though, and a lot of this will be due to the situation between the Americans and Chinese cooling-off a bit early during the day. Pullbacks should bring buying opportunities if we can stay above the $64 level.
Brent
Brent markets also rallied, breaking above the $70 handle. This was an area that I had suggested was resistance extending to the $71 level, so if we did break above the $71 level, the market is likely to go much higher. At that point, I would anticipate a move to the $75 level over the longer term. There is still an uptrend line on the daily chart that has been respected, so it’s not until we break down below that uptrend line that I would be a seller. Pullback should find plenty of support not only at the $70 level, but also with the $69 level beneath there. Pay attention to the US dollar, if it continues to fall that should continue to lift oil.
Oil Forecast Video 11.04.18
This article was originally posted on FX Empire
