Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Back and Forth

Christopher Lewis
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Crude Oil Prices Forecast Video for 16.02.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has done almost nothing during the trading session on Wednesday, as we continue to just simply meander near the 50-Day EMA. Unfortunately, this is a market that just doesn’t have anywhere to be. We are in a range, and I think that will continue to be the case until we get some type of bigger move. The $82.50 level seems to be resistance, while the $72.50 level underneath seems to be support. The 50-Day EMA comes into the picture, as we are sitting there but it’s also flat so this tells me the markets got nowhere to be. After all, nobody really knows when the global economy is going to actually pick up.

Brent Crude Oil Technical Analysis

Brent market is also a range bound market that has no real directionality at the moment. That being said, I think we’ve got a situation where we will have to look at this through the prism of killing time, as the $90 level and by extension the 200-Day EMA come into the picture as resistance. On the downside, the $77.50 level offers support. The market is going to continue to be very noisy, but I think given enough time it will have to make up its mind. As things stand right now, I think range bound traders will continue to like this market, because quite frankly this has been a reliable and reasonable range from which to trade. I would not expect much, because it seems like we are essentially stuck between begging the Fed for liquidity, and trying to find some type of global growth.

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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