Gold Silver Reports – Crude Oil Price Forecast Report January 15, 2018 – Crude Oil markets were very volatile during the session on Friday, as we continue to see a lot of noise when it comes to not only the commodity markets, but the US dollar which has a bit of a double whammy effect.
The WTI Crude Oil market went sideways initially during the trading session on Friday, but then exploded to the upside, reaching above the $64 level. The market looks likely to go reaching towards the $65 level after that.
The market looks likely to see that level be tested. Any pullback at this point should be a buying opportunity, as the $63.25 level offer support. Ultimately, I think that back and forth action should continue to be the case, with an upward slant. The US dollar has been crashing, and that of course helps the value of commodities in general. Because of this, I like the idea of buying these dips as we will eventually build up enough momentum to break above $65.
Brent
Brent markets have exploded to the upside, and are testing an obvious resistance barrier near the $70 handle. A break above that level census market much higher, but we are getting a bit overextended on longer-term charts. Because of this, I would not be surprised at all to see the market pull back again, but that’s not a selling opportunity, that’s an opportunity to pick up value. I think that gives us an opportunity to find value, and then eventually build up enough momentum and a large enough size to take advantage of a breakout. The $70 level will loom large, but ultimately, I think it’s going to give way. If we break down below the $68.50 level, then I think it’s likely to continue going lower, perhaps looking for support near the $67.75 handle. – Neal Bhai Reports
