WTI Crude Oil
The WTI Crude Oil market went sideways initially during the trading session on Friday, but then exploded to the upside, reaching above the $64 level. The market looks likely to go reaching towards the $65 level after that. The market looks likely to see that level be tested. Any pullback at this point should be a buying opportunity, as the $63.25 level offer support. Ultimately, I think that back and forth action should continue to be the case, with an upward slant. The US dollar has been crashing, and that of course helps the value of commodities in general. Because of this, I like the idea of buying these dips as we will eventually build up enough momentum to break above $65.
Crude Oil Inventories Video 15.01.18
Brent markets have exploded to the upside, and are testing an obvious resistance barrier near the $70 handle. A break above that level census market much higher, but we are getting a bit overextended on longer-term charts. Because of this, I would not be surprised at all to see the market pull back again, but that’s not a selling opportunity, that’s an opportunity to pick up value. I think that gives us an opportunity to find value, and then eventually build up enough momentum and a large enough size to take advantage of a breakout. The $70 level will loom large, but ultimately, I think it’s going to give way. If we break down below the $68.50 level, then I think it’s likely to continue going lower, perhaps looking for support near the $67.75 handle.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Silver Price forecast for the week of January 15, 2018, Technical Analysis
- Bitcoin Gold DASH and Monero Price forecast for the week of January 15, 2018, Technical Analysis
- Natural Gas Price forecast for the week of January 15, 2018, Technical Analysis
- AUD/USD Price forecast for the week of January 15, 2018, Technical Analysis
- USD/JPY Price forecast for the week of January 15, 2018, Technical Analysis
- EUR/USD forecast for the week of January 15, 2018, Technical Analysis