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Crude Oil Price Forecast September 14, 2017, Technical Analysis


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WTI Crude Oil

The WTI Crude Oil market rallied a bit during the day on Wednesday, reaching towards the $49 level. That's an area that should have significant resistance, so it's very possible that we will see the market turnaround in this area. I think the $47.50 level underneath will be the support, just as the $50 level above will be a massively resistive level. I expect to see lots of volatility, and because of this you will need to be nimble trading this market. However, I still think there is a significant amount of resistance above that will continue to hamper bullish pressure.

Crude Oil Price Forecast Video 14.9.17

Brent

Brent markets are testing the $55 level, and if we can break above there on the daily close, I believe that the market will continue to go higher. However, the Brent markets will more than likely rollover a bit, as there is more than enough resistance. I think that if we do break above there, the market should then go to the $57.50 level after that. Ultimately, this is a market that should continue to find bearish pressure over the longer term, but obviously the buyers have jumped in.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Oil , Commodities


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