Crude Oil Price Forecast ::
The WTI Crude Oil market pulled back initially during the trading session on Tuesday but found enough support at the $74 level to find plenty of buyers. At this point, I think we are continuing the overall consolidation between the $73 level on the bottom and the $75 level in the top. However, this is a market that has formed a daily hammer, so I think that we should continue to see a lot of volatility. Eventually, I would anticipate that the market moves beyond the $75 level and continues much higher as we begin to worry about the Iranian sanctions, but I also recognize that there are a lot of moving pieces currently. With that being the case, I continue to look at oil as a market that could offer a bit of value occasionally, and dips of course should offer opportunity. If we do break above the $75 level, then I believe that the market probably goes looking towards the $76 level.