Crude Oil Price Forecast March 2018 By Market Oracle
The crude oil price started 2018 with a BANG, rising from an opening $60 to a January peak of $67, that’s a 12% gain in less than 1 month!
MACD has turned bullish from a low base which suggests that the rally should continue.
RESISTANCE is at the previous bull market high of $67 that the oil price should experience some difficulty clearing.
SUPPORT is in the area $58 to $60, that should contain any reaction lower from failure at the $67 high.
TREND CHANNELS clearly illustrate that the oil price rally got a little carried away in January, hence the correction. However they also suggest that the immediate upside appears limited, again supportive of being within a trading range.
ELLIOT WAVE – Suggests that the oil price is currently in a corrective B wave rally and thus likely to result in a C wave decline back towards the $58 low and perhaps a little lower.