Crude Oil Price Forecast – Crude Oil Markets Continue to Break Out

Crude Oil Prices Forecast Video for 24.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied slightly during trading on Monday, as we continue to see upward pressure. We had broken above the neckline a couple of sessions ago, pulled back to test it again, and also saw the 50-Day EMA offer support. Whether or not crude oil can continue to go higher is still an open question, so I believe that if we were to break above the top of the candlestick from last week that was the high, then it would bring in more money, perhaps sending crude oil to the 200-Day EMA, hanging around the $86.12 level.

Brent Crude Oil Technical Analysis

Brent markets have pulled back just a bit during the trading session to kick off the week, but then turned around to break above the $88 level, and now it looks like we are trying to break out toward the 200 Day EMA. In fact, the great thing about this chart is that perhaps it is going to lead the way for WTI, so it might be able to “front run” that market. The 200-Day EMA is right around the $91 level and is dropping. I think that makes a nice target, but it so could be a massive ceiling in the market. If we were to break above there, it would obviously be a big signal that we are ready to go along, but at this point I think it’s very unlikely that we see the market slice through the 200-Day EMA easily.

At this point, it certainly looks like it’s bullish, but whether or not we have momentum is a completely different question, but according to the technical analysis, the 200-Day EMA is a reasonable target to say the least.

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