Crude Oil Price Forecast – Crude Oil Markets Continue to Do Very Little

Crude Oil Prices Forecast Video for 02.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has done almost nothing during the day on Friday, as only the degenerates are out trading. It’s the last day of the year, and most of the responsible trading houses around the world have shut down. If anything, they are closing out positions during the day. That being said, next week will probably be more of the same until we get the jobs number, when volume starts to pick up. Generally, it’s the second week of January where we start to see real moves.

Brent Crude Oil Technical Analysis

Brent markets also have been somewhat quiet during the day, but ultimately this is a situation where we have the 50-Day EMA sitting just above, offering resistance. We also have the $85 level, which will cause a certain amount of interest as well. If we can break above the 50-Day EMA, then we enter the area between the 50-Day EMA and the 200-Day EMA indicators, which quite often causes a “field of resistance.”

I believe that the market eventually goes looking to lower levels, perhaps to $80 level, but I will follow with the market does, not try to tell it what to do. At this point, we are at an inflection point, and it’s likely that we would see some type of volatility before a bigger move. I fully anticipate that, but it might be a few sessions before we see any real momentum. Because of this, I also recognize that you need to understand that this is an area of interest.

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