Crude Oil Price Forecast – Crude Oil Markets Continue to Hover

Christopher Lewis
2 min read
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Crude Oil Prices Forecast Video for 17.02.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Thursday but turned around to show signs of hesitation. At this point, the market is starting to hang around the 50-Day EMA, which is right at the $70.67 level. This is an area that I think continues to be very difficult but given enough time it’s likely that we will see the market try to figure out where it’s going to go. I believe it is probably going to continue to be very difficult trading, as we are in a major consolidation area, and basically near the middle of it. The $82.50 level above is resistance, while the $72.50 level underneath is support. I think we continue to just kind of chop back and forth.

Brent Crude Oil Technical Analysis

Brent markets of course look very similar, as we are hanging around the 50-Day EMA in that market as well. The $90 level above is a major resistance barrier, not only from a large, round, big figure psychology point, but we also have the 200-Day EMA in that area. On the other hand, if we break down below the bottom of the hammer from the session on Wednesday, then it’s possible that we could go to the $80 level.

We are currently trying to decide whether or not the global economy is going to demand more crude oil, or if we are going to see less demand due to the fact that the global economy seems to be slowing down. With this being the case, I think you need to be cautious and wait for an impulsive candlestick to make a trading decision.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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