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 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


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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