Crude Oil Price Forecast September 29, 2017, Technical Analysis
WTI Crude Oil
The WTI Crude Oil market initially went sideways during the Thursday session, but then shot through the $52.50 level. That’s an area that has been noisy, and resistance. Ultimately, I believe that the market should continue to find buyers though, and now that we are drifting back towards the beginning of the day, if we can break above the $52.50 level again, that’s a very bullish sign. Alternately, if we break down below the $51.75 level, that turns the daily candle into a shooting star which is a selling opportunity. By being patient and waiting until we do one of those 2 scenarios, you should be able to get on the right side of the trade. Crude oil markets tend to be very noisy, keep that in mind and can move rather quickly so be careful.
Gold Price Predictions Video 29.9.17
Brent
Brent markets initially went sideways as well, and then broke towards the $58.50 level. We then went sideways, after the initial move, and the fact that the market is simply hanging in that area suggests that the Brent markets will probably try to go higher. Alternately, the market should continue to find buyers in this area, as the market tends to see a lot of volatility in this general vicinity. However, with Brent looking somewhat supported, I think that both of the oil markets are more likely to go higher. Look for Brent to lead the way, it has been doing so as of late. They do tend to move in concert, so if one goes higher, the other typically follows. However, Brent broke down below the $57.50 level, the market probably goes down to the $56.80 level. Either way, waiting on the market to make its move is probably the safest and best way to trade this commodity.
This article was originally posted on FX Empire