Crude Oil Price Forecast – Crude Oil Has a Slow Friday

Crude Oil Prices Forecast Video for 13.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil has gone back and forth during the course of the trading session on Friday, as we had the jobs number come out of America. Quite frankly, this is a market that I think continues to see a lot of noise and chop, due to the fact that we do not have a grip on where the economy is going ahead. After all, the market has to deal with the idea of whether or not the economy is going to grow going forward, or if we are about to hit a global recession. After all, the market will try to price in the demand for crude oil in that type of situation.

On the other hand, we also have the possibility that supply is tight enough and that the market will have to price that in. This is what I think is going on in the market right now as we continue to bounce around in a tight consolidation area with the $72.50 level underneath offering support, and the $82.50 level above is resistance.

Brent Crude Oil Technical Analysis

Brent also finds itself stuck in a bit of a range, with the $77.50 level underneath offering a support level. The $89 level above is a significant resistance barrier, that is also backed by the 200-Day EMA, which is a major indicator that a lot of people will pay attention to. Either way, Brent is also suffering through the same problems that WTI Crude Oil is, people don’t know whether or not demand is going to pick up, or if it’s going to drop. Central banks around the world continue to do everything they can to tight monetary policy, perhaps with the exception of Japan, and therefore it could drive down the idea of demand as several economies around the world slow down.

In the short term, it looks like you are stuck trading range bound systems in this market, for short-term moves. I would not get overly aggressive in this market quite yet, but as soon as we break out of the trading range for either the WTI Crude Oil or the Brent market, we could see a rather significant $10 move rather quickly.

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