Crude Oil Price Forecast – Crude Oil Continues to Be Noisy

Crude Oil Prices Forecast Video for 23.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Friday, as we continue to hang around just above the neckline of the inverted head and shoulders and try to determine whether or not we have enough momentum to go higher. The 50-Day EMA sits underneath, offering plenty of support right along with the neckline. That being said, if the market were to break above the Wednesday candlestick, that it opens up the possibility of a move to the 200-Day EMA, just above the $86 level.

On the other hand, if we were to break down below the bottom of the Thursday candlestick, then it’s likely that we could go down to the $75 level.

Brent Crude Oil Technical Analysis

Brent markets also were very choppy on Friday as traders seemingly don’t want to get overly exposed heading into the weekend. That being said, the $85 level underneath and the 50-Day EMA both come into the picture, and therefore I think you would have a significant amount of support there as well. If we were to break down below the $83.50 level, then it’s possible that we could go down to the $80 level underneath.

After all, the $80 level is a large, round, psychologically significant figure. If we were to break down below the most recent low, then it could open up a move down to the $75 level. On the upside the 200-Day EMA could be targeted at the $90.89 level. Ultimately, I think the only thing we can count on is going to be an impulsive move soon.

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