Crude Oil Price Forecast – Crude Oil Markets Breakthrough Major Support

Crude Oil Prices Forecast Video for 16.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has broken significantly during the trading session on Wednesday, finally slicing through the major support level that had been holding since December of last year. At this point, the market has broken through the $70 barrier as well, so it’s obvious that the sellers are in complete control.

At this point, I’m expecting the market to reach down to the $65 level eventually, and short-term rallies will more likely than not end up offering selling opportunities. “Market memory” should come into play just above the $70 level, so in that area I would look for signs of exhaustion to get short. If we can break down below the $65 level, then we could get looking to the $62.50 level.

Brent Crude Oil Technical Analysis

Brent markets initially tried to rally during the trading session on Wednesday, but then got slammed as the “risk off trade” came back into the marketplace with Credit Suisse seemingly in a lot of trouble, and therefore a lot of traders are worried about whether or not there is going to be some type of financial contagion. We’ve made a fresh, new low, and now it looks as if breaking below the $75 level opens up the possibility of a move down to the $72.50 level, followed by the $70 level.

Any rally at this point in time will more likely than not show signs of exhaustion near the previous support level, right around the $77.50 level. In fact, it’s not until we break above the $80 level that I think this market turns things back around, reaching towards the 50-Day EMA. Ultimately, this is a situation where I think we continue to see plenty of selling pressure and negativity, and now that we have formed this candlestick, it’s obvious that the sellers are much more aggressive at this point. Remember, we have been consolidating for 3 months, and that’s now over with and it looks like we are going to continue selling off like we did last year. Ultimately, I have no interest in buying this market until it sees a significant turnaround, something that I just don’t see happening.

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