Crude Oil Price Forecast – Crude Oil Markets Bounced From the 200-Day EMA

Crude Oil Prices Forecast Video for 02.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market bounced a bit during the early hours on Wednesday, as we have tested the 200-Day EMA indicator. The 200-Day EMA is an indicator that a lot of people pay close attention to. As we have tested this indicator and bounced, it does suggest that the market is trying to find some type of consolidation area. Whether or not it does remains to be seen, but there are a lot of things out there that could certainly keep crude oil somewhat afloat.

On the other hand, if we break down below the $80 level, then the WTI Crude Oil market is likely to continue to go lower, perhaps down to the $77.50 level. On the other hand, if we were to turn around and take out the 50-Day EMA, the market could go looking to the $90 level. I think at this point, the market is likely to continue to see a lot of volatility, and of course concerns about the Middle East conflict. Furthermore, OPEC has cut production over the last several months, which has also helped elevate crude oil, but I think at this point it’s obvious that oil is going to continue to move to the latest headlines.

Brent Crude Oil Technical Analysis

Brent markets have also bounced from the 200-Day EMA, which is also backed up by the $85 level. Because of this, the market is likely to continue to see a lot of back and forth, but eventually we will probably go look into the 50-Day EMA above. On the other hand, if we break down below the $84 level, then I think the Brent market could give up a lot of the gain, dropping down to the $82 level rather quickly. Brent of course is being moved by a lot of the same issues that the WTI grade of crude oil is, and therefore I think you need to look at this through the prism of a market that is potentially forming some type of double bottom but has a lot of noise out there that could continue to affect where it goes and has very little to do with oil itself.

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