In This Article:
WTI Crude Oil
The WTI Crude Oil market has fallen well over 1% during the trading session on Monday, but keep in mind that the Americans were away so liquidity would have been a bit of an issue. Ultimately, the market could bounce from this area though, because we are testing the major uptrend line underneath. The $66 level is massive support, and if we break down below there it’s likely that we unwind. It has been very difficult to be a buyer over the last several sessions, as both Russia and Saudi Arabia are suggesting that perhaps production may pick up as oil has gotten rather expensive. At this point, I think if the market breaks above the $67 level, then the uptrend line will have held.
Brent
Brent markets have bounced around the $75 level, an area that is obviously going to be important from a psychological standpoint, as well as structural as it has previously been resistance. I believe that if we can bounce from here, then the market could go looking towards the $77.50 level above. If we break down below the low of the day, then we could drift down to the $73 level underneath which was massive support in the past. Ultimately, this is a market that I think is going to be very noisy, but the strengthening US dollar has not helped after the recent volatility.
Crude Oil Video 29.05.18
This article was originally posted on FX Empire