Crude Oil Price Forecast – Crude Oil Market Shows More of the Same

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied ever so slightly during the trading session on Tuesday as it looks like we are trying to stay within the same range that we have been trading in for the last several weeks. If that’s the case, then it’s very likely that we could get a short-term bounce. That short-term bounce will probably start to find selling rather quickly though, as the range is something in the neighborhood of just seven dollars.

The $100 level above looms large as resistance, especially now that the 50 Day EMA is racing towards it. Breaking through all that would be a win for the bulls, but right now that does not look likely. If we were to break down through the $90 level, this market could fall apart rather quickly.

Crude Oil Prices Forecast Video for 03.08.22

Brent Crude Oil Technical Analysis

Brent markets of course look very similar, as they are straddling the 200 Day EMA. The $105 level has been resistant, and now that the 50 Day EMA is approaching that level, it should start to attract even more attention to the downside. That being said, it does look like we are trying to bounce a bit, although it’s not necessarily going to be a huge move. At this point, you could start to make the argument for a bearish flag, but that has not been confirmed, so that’s just something to keep in the back of your head. All things being equal, this is a market that I think continues to see a lot of choppiness, and not necessarily clarity anytime soon.

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