Crude Oil Price Forecast – Crude Continues to Recover Overall

Crude Oil Prices Forecast Video for 12-02-2024

WTI Crude Oil Technical Analysis

The US oil market initially pulled back just a bit during the trading session on Friday, but it now looks as if we are trying to continue the overall momentum from Thursday. After all, this is a market that had been massively bullish on Thursday, and the fact that we are continuing that is a very good sign. In fact, I would be aggressive to the upside given enough time.

I believe that the $75 level underneath will continue to offer support right along with the 50 day EMA, but even if we were to break down below there, the $72.50 level then comes into the picture as a potential floor as well. The 200 day EMA above could offer a bit of resistance, but if we can clear that, then we go looking to the $80 level and perhaps continue some type of massive, huge, inverted head and shoulders pattern.

Brent Crude Oil Technical Analysis

Brent also looks very bullish, and it looks to me like Brent is going to continue to see upward pressure as we are testing the 200 day EMA. If we can break above there, then the $85 level gets targeted, doing pretty much the same thing as the U.S. oil market. Underneath the $80 level should offer support right along with the 50 day EMA. Short term pullbacks will certainly see a lot of people willing to jump in.

It is worth noting that supply has been dropping, and that of course is very bullish for the crude oil market. With the economy seemingly not willing to give up in the U.S., I think we may be repricing this, and of course you have a lot of concerns in the Middle East that could come into the picture as well. So with all of that, I think you remain buy on the dip, and if we can break the $85 level here in Brent, we really could start to pick up quite a bit of momentum, and I would not be surprised to see that eventually. I don’t think it happens in the next day or two, but certainly it looks like we’re trying to get there.

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