Crude Oil Price Forecast – Crude Oil Markets Continue to Find Support

Crude Oil Prices Forecast Video for 15.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen initially during the trading session on Tuesday, but we continue to see support in the same general vicinity. We have been stuck in a range for what seems like a lifetime, and quite frankly it’s just been a matter of trading it back and forth. The $72.50 level continues to be important, as it has been support for 3 months now. If we were to break down below there, then we have to deal with the $70 level which should also be significant support.

Any rally at this point in time will more likely than not going to have to deal with the 50-Day EMA, which currently sits at the $77.72 level. If we break above there, then the $82.50 level would be a major ceiling in the market. Above there, we have the 200-Day EMA coming into the picture offering resistance as well.

Brent Crude Oil Technical Analysis

Brent markets have also fallen during the trading session below the $80 level, only to turn around and show signs of life again. Quite frankly, this is a market that continues to see a lot of support near the $77.50 level, an area that has been important more than once. The 50-Day EMA sits at the $83.83 level and is drifting lower.

That could be a short-term target for buyers, but quite frankly I have no interest in trying to get too cute with this market, because we are going back and forth for the last several months, I just don’t see how that changes anytime soon as the trading continues to be based upon the idea of whether or not we will have some type of economic growth or not. After all, oil is the lifeblood of the overall global economy, and that of course is going to be something that will continue to cause a lot of headaches as we simply have no idea where things are going. I have not seen the markets this disrupted since the Great Financial Crisis.

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