Crude Oil Price Forecast – Crude Oil Markets Continue Consolidation
Crude Oil Prices Forecast Video for 22.02.23
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has been slightly positive during the trading session on Tuesday, as we continue to see the market try to figure out the balance between supply and demand, especially as there are so many questions when it comes to the overall economic situation going forward. After all, you have to keep in mind that crude oil is essentially the lifeblood of the economy, and demand is greatly influenced by whether or not transportation is needed to ship goods and services back and forth.
As things stand right now, there seems to be a lot of inflation, but it is starting to slow down. Furthermore, central banks around the world continue to tighten everything, and as long as they tighten monetary policy that will more likely than not cause major issues.
With that being the case, the market is likely to be looking at the $82 level as a major resistance barrier, and the $72 level as major support. The 50-Day EMA sits just above and is causing a little bit of a resistance barrier. The market has been very noisy, and I think that will continue to be the case in the near future. We are basically in the middle of the consolidation area, so that’s not exactly a place where you want to get too aggressive.
Brent Crude Oil Technical Analysis
Brent markets have also gone back and forth during the trading session on Tuesday, as the 50-Day EMA has caused a little bit of a headache. I do think that we continue to see a lot of back-and-forth trading that continues to cause short-term traders to rejoice, while swing traders will have to wait until we get to the top of the range, near the $90 level, and perhaps to the bottom of the range which is closer to the $77.50 level. I’m fairly neutral on Brent, right along with WTI.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
