Crude Oil Price Forecast – Crude Oil Markets Sit Still
Crude Oil Prices Forecast Video for 15.02.23
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market sits right at the 50-Day EMA, as we continue to see a lot of noisy behavior. Quite frankly, this is a market that I think has gotten a little bit lazy, as we continue to bounce around between 2 major levels. The $85 level also features the 200-Day EMA, so it makes quite a bit of sense that we would see hesitation.
The 50-Day EMA is relatively flat, so that tells me we don’t really have anywhere to be right now. The $82.50 level is a significant resistance, while the $72.50 level offer significant support. As things stand right now, it looks like we are just banging around in this area yet again.
Brent Crude Oil Technical Analysis
Brent of course is behaving very similarly, as we are sitting just above the 50-Day EMA. We are essentially in the middle of the larger consolidation area, and the 200-Day EMA currently sits at the $90 level. The $90 level being broken would obviously be a very bullish sign, perhaps opening up the possibility of a move to the $95 level. Alternatively, the $80 level underneath offer support, right down to the $77.50 level.
This being the case, I think you are simply killing time in this market, but it does look like we are starting to roll over just a bit, perhaps reaching back down to the bottom of the overall range. All things being equal, I think this is going to be more or less a market that allows you to trade range bound systems, perhaps something along the lines of the Stochastic Oscillator being a main guide.
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This article was originally posted on FX Empire
