Crude Oil Price Forecast – Crude Oil Markets Close Out the Week on the Good Foot

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday to show signs of life again, breaking above the $100 level. That being said, it looks like we are running into a little bit of noise above there, and I think it might be somewhat difficult to continue. The 50 Day EMA is just above as well, so this will more likely than not cause a little bit of resistance. Signs of exhaustion will get sold into, with the 200 Day EMA underneath offering support. All things being equal, we are between the two major EMA’s, therefore it causes a lot of trouble.

Crude Oil Prices Forecast Video for 01.08.22

Brent Crude Oil Technical Analysis

Brent markets have rallied a bit to break above the recent consolidation area, showing signs of life. That being said, the 50 Day EMA is sitting just above and offering a little bit of dynamic resistance, so it is worth paying attention to. If we were to break above that, then we will threaten the previous uptrend line, which should be a bit of resistance as well. All things being equal, the “market memory” should be important. However, if we were to break above the $110 level, then the market could go much higher.

Expect volatility, but that’s nothing new. I think that this rally will more likely than not offer a selling opportunity if you are patient enough. However, I’m willing to get long again if we can finally break above the $110 level. The market is likely to continue to be noisy so be cautious with position sizing.

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