Crude Oil Price Forecast – crude oil struggles on Tuesday

Crude oil markets were very difficult to trade during the day on Tuesday, as we initially tried to rally, but found the resistance barrier above just enough to be difficult. However, there are signs of support underneath that are coming into the marketplace, so a bounce is very likely.

The WTI Crude Oil

The WTI Crude Oil market has struggled at the $69 level during the trading session on Tuesday, only to turn around and fall towards support at $68.50. The hourly chart is starting to form a couple of hammers, which of course is a good sign and therefore I think it’s only a matter time before the buyers come back into the marketplace and try to push things higher. This is certainly a bullish market, so I don’t have much interest in shorting it, and I think that even if the $68.50 level gets broken significantly, we will find plenty of buyers at the $68 level as well. In other words, it’s a “buy on the dips” situation.

Brent

Brent markets also have their own struggles above at the $77 level. Because of this, the market looks likely to pull back toward support, which I see at the $76.50 level, and then again at the $76 level. I certainly am bullish of oil, but I also recognize that a certain amount of digestion of gains is probably in order. Also, pay attention to the US dollar because it will certainly have its influence as well. With all this in mind, I’m a buyer of dips but I would be much more comfortable buying closer to the $76 level, especially if we get a bit of volume attached to it. The US dollar falling of course would help, so pay attention to that as well.

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