Crude Oil Price Forecast – Crude Oil Markets Attempt to Recover

Crude Oil Prices Forecast Video for 22.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the Tuesday session, as we continue to see the market try to recover from the massive selloff. At this point, a bear market rally does make a significant amount of sense, so I do think that we need to look at this through the prism of a short-term pop. However, it’s likely that we will see plenty of resistance near the $70 level, and then again at the 50-Day EMA. Ultimately, I do not think that the oil market is ready to change its tune, but let’s keep in mind that the FOMC meeting is on Wednesday, and that will have a major influence on the US dollar, and then by extension the price of commodities in general.

Brent Crude Oil Technical Analysis

Brent markets also have rallied during the trading session on Tuesday, to break above the $75 level. At this point, the $77.50 level could offer a significant short-term barrier, but after that we could see the 50-Day EMA reached down to the $80 level, making for an even more important barrier. In general, this is a situation where you see a lot of volatility, now that we have seen a bit of a major selloff. Alternatively, this is a situation where any rally will face a lot of hesitation, so therefore I think any exhaustion will be jumped on by short-term selling pressure, and then perhaps an attempt to go down to the $70 level after that. Either way, I don’t have any interest in buying oil at the moment as it looks like the economy is slowing down.

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