WTI Crude Oil Price Projections: . . .
By G.R. Harrison, Copyright 2018
Here are some thoughts on the Crude Oil market during the recent Middle East turmoil :
We're now working towards a general selling area depicted as the 'topping price zone' on the chart below . . .
On our trip upwards in price, there are some strong price resistance areas to watch. The first was hit at the $54 area from which prices backed off for over half-a-year.
The next price resistance area of interest is at $76 (shown by the red horizontal line). Should prices advance past this price on a Closing price basis, that would open the strong possibility of price advancing into the Topping Zone price area shown on the chart in grey color.
Within that price selling area, there is strong resistance expected to be shown at the $98 level. It must be noted that these high price levels would probably be accompanied by some pretty negative news relative to the Middle East and events threatening to happen or occurring there.
Crude Oil prices are heavily driven by Fear. However, there is no actual shortage of Supply realistically.
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