Yahoo Finance Crude Oil markets continue to bounce around during choppy Thursday session
WTI Crude Oil
The WTI Crude Oil market went back and forth during the trading session on Thursday, initially trying to rally, but then pulling back. It looks as if were going to continue to dance around the $69 level, and I think that the $68 level underneath will be supportive. We have recently rallied significantly, so we might be catching her breath more than anything else. I think that this market will be attracted to the $70 level, which is a technically important number. I believe that the market will probably struggle with $70, but very well could continue to go higher, especially of Middle East tensions continue to flare up.
Brent
Brent markets went back and forth during the day as well, ultimately forming a little bit of bullish pressure, but I think that the market is trying to build up the necessary momentum to break out above the $75 level. Once we break above that level, then I think we probably go to the $77.50 level next, and then possibly even $80. Pullbacks should be supported down to at least the $73 level, if not the $70 level. I think that there is a significant amount of buying pressure underneath, mainly because of the tensions in the Middle East, and of course the possibility of a falling US dollar. I believe that although we will eventually see the oversupply of oil cause an issue, clearly the market participants are ignoring that at the moment and are willing to buy.
Crude Oil Forecast Video 20.04.18
This article was originally posted on FX Empire
