Crude Oil Price Forecast February 19, 2018, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market rallied slightly during the trading session on Friday, as we continue to see the market recover from the massive selloff. Ultimately, I think that the $62 level above is going to offer resistance, and at this point I think that it is likely that we will see sellers return sooner, rather than later. I believe that the US dollar falling has been part of the reason the oil market has rallied, but at the end of the day I think that oversupply is going to continue to be an issue as US drillers are pumping away.

Brent

Brent markets rallied a bit during the trading session on Friday as well, reaching towards the $65 level. The $66 level above is the end of significant resistance, as this is more of a “zone” to deal with, and therefore I think that it’s only a matter of time before the market roles over, because the uptrend line that had previously been so supportive is now going to offer a significant amount of resistance. At this point, I’m not interested in buying crude oil until we clear the $68 level, which would be a massive breakout of resistance. Ultimately, I think that the market will continue to see volatility, but I believe that we have seen the highs for the year, and I think that selling the rallies continues to work out in the end.

Crude Oil Inventories Video 19.02.18

Brent daily chart, February 19, 2018

This article was originally posted on FX Empire

More From FXEMPIRE:

• S&P 500 Price forecast for the week of February 19, 2018, Technical Analysis

• Gold Price forecast for the week of February 19, 2018, Technical Analysis

• Natural Gas Price forecast for the week of February 19, 2018, Technical Analysis

• Crude Oil Price Update – Bullish Over $62.15, Bearish Under $61.18

• DAX Index Price forecast for the week of February 19, 2018, Technical Analysis

• Ethereum Price forecast for the week of February 19, 2018, Technical Analysis