U.S. Markets open in 6 hrs 47 mins

Crude Oil very choppy on Wednesday session

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market has gone sideways overall during the day on Wednesday, as we continue to consolidate near the $71 level. The $70 level underneath is the bottom of the range, and of course the support of this rectangle. I think if we can break above the $72 level frees this market to higher levels, but in the meantime I think that short-term pullbacks are buying opportunities. It’s not until we break down below the $69 level that I would be concerned, and even then I think that the $67 level would also be supported. I think that the recent consolidation is simply the market trying to build up the necessary momentum to go higher.

Brent

Brent markets fell initially during the day on Wednesday, but then turned around the show signs of life. The $78.50 level offer and resistance make sense, but I think there is still plenty of support underneath at the $77 level. I think that given enough time, the market will probably reach towards the $80 level. I believe that the brain market will continue to rise until we test the vital $80 level, it makes far to juicy of a target. We also have to worry about the Iranian deal being scrapped, and that takes officers amount of supply from the marketplace. Because of this, I believe that dips continue to offer short-term buying opportunities.

Crude Oil Price Forecast Video 17.05.18

This article was originally posted on FX Empire

More From FXEMPIRE: