Crude Oil Price Forecast – Crude Oil Markets Attempt to Recover Again

Crude Oil Prices Forecast Video for 26.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied during the trading session on Friday as we continue to see much noisy trading. We are testing the $80 level, the top of the shooting star from the previous session, and the 50-Day EMA simultaneously. However, you should remember that Friday was a shortened session, and people will most likely pay close attention to the holidays and not so much to the markets. With that being the case, it’s a situation where the traders will probably continue to favor the downside, but at this point there is probably a lot of position squaring.

Brent Crude Oil Technical Analysis

Brent markets also rallied a bit during the trading session on Friday to reach the top of the shooting star from the previous session, and it’s likely that we will see an attempt to find sellers again, but ultimately it’s difficult to imagine a situation where the market suddenly take off to the upside, but we are trying to save oil in the short term.

The next week is going to be very illiquid, as traders will be worried about holidays, so therefore I wouldn’t read too much into the next couple of candlesticks, as it will probably be more noise than anything else. Ultimately, I do think that oil continues to struggle due to a lack of global demand, but sometime this next year, we will see a turnaround as supply issues continue to be a major issue in the real world. However, it seems that traders right now are more willing to focus on the looming recession than anything else.

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