Crude Oil Price Forecast – Crude Oil Markets Continue to Fight

Crude Oil Prices Forecast Video for 12.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Wednesday as we continue to try to build some type of base in this market. However, keep in mind that Thursday features the Consumer Price Index, which will have a major influence on how traders perceive what the Federal Reserve is going to do going forward. The 50-Day EMA sits at the $79 level, which sits just below the $80 level. In other words, if we do rally from here, I think we have a lot of noise to chew through before we suddenly get bullish.

On the downside, the $70 level underneath could be a target if we break down a bit, but at this point I think it’s likely that we continue to see a lot of interest in these big psychologically significant round figures.

Brent Crude Oil Technical Analysis

Brent markets also have rallied a bit during the trading session on Wednesday, just as the WTI Crude Oil market has. However, just as we have over there, we also have the 50-Day EMA sitting above and offering a bit of a barrier, so it will be interesting to see how that plays out. All things being equal, this is a situation that looks as if it’s setting up for a “fade the rally” trade, but we don’t have the signs of exhaustion that we need quite yet.

Every time we have rallied, we struggled to fall, but it is worth noting that the buyers have been extraordinarily resilient, and therefore I think you need to pay close attention to the fact that they are fighting. Whether or not we break out as a completely different question though.

For a look at all of today’s economic events, check out our economic calendar.