Crude Oil Price Forecast – Crude Oil Markets Continue to Look Vulnerable

Crude Oil Prices Forecast Video for 17.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be a little hesitant to move during the trading session on Thursday, which is not a huge surprise, due to the fact that the markets might be a little bit exhausted at this point, as there has been so much selling pressure. We are well below the $70 level, and therefore it’s likely that we could see this market try to go down to the $65 level eventually. Short-term rallies at this point in time will be looked at as opportunities to get short again, as the world starts to grapple with the idea that we may be heading into a larger recession than anticipated.

Keep in mind that crude oil has a lot of sensitivity to global growth, and therefore if there is not, or very little, the demand for crude oil will be limited to say the least. At this point, I just don’t have any interest in buying crude oil as it has shown itself to be wanting.

Brent Crude Oil Technical Analysis

Brent markets have gone back and forth during the trading session as well, which is a sign of weakness due to the fact that we are not even seeing a bear market bounce at this point. The $75 level being broken through opens up the possibility of a move down to the $70 level. Any rally at this point could be a nice selling opportunity as the global economy continues to grind slower. Alternatively, this is a market that is going to try to price in whether or not there is any type of strength.

If we break down below the bottom of the candlestick from the Wednesday session, then we could take out the $70 level underneath. Breaking down below the $70 level opens up the possibility of a huge rush lower. Any rally at this point in time looks like it would be threatened, especially with the 50-Day EMA starting to turn lower now, with the $77.50 level above also offering significant amount of resistance as well. At this point, oil is something you just cannot buy.

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