Crude Oil Price Forecast – Crude Oil Continues to Tussle With a Neckline

Crude Oil Prices Forecast Video for 20.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back just a bit during the trading session on Thursday as we continue to tussle with the neckline of the inverted head and shoulders that I had spoken about yesterday and have drawn on the chart. The 50-Day EMA sits right around the same area as well, so I think you’ve got a situation where you could see a lot of noisy behavior.

Ultimately, this is a situation where we are not only looking at the neckline and the 50-Day EMA, but we are also looking at the potential concerns of global demand. Supply is low, but there may not be enough buyers out there to pick this market up. If we can take out the top of the candlestick from the Wednesday session, then I think we take off. On the other hand, if we close down below the $70 level, we probably pull back to the bottom of the shoulder there.

Brent Crude Oil Technical Analysis

Brent markets have turned around at the 50-Day EMA as well, right around the $85 level. I think this is a market that is trying to determine whether or not it can truly break out from the inverted head and shoulders, but if we do take out the red candlestick from the previous session on Wednesday, then I think we go looking to the 200-Day EMA. On the other hand, if we break down below the $83.50 level, then I think we trip down to the $80 level, possibly even down to the $78 level after that.

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