Crude Oil Price Forecast – Crude Oil Markets Continue to Reach to The Upside

Crude Oil Prices Forecast Video for 25-01-2024

WTI Crude Oil Technical Analysis

The crude oil market has initially pulled back just a bit during the trading session on Wednesday, only to turn around and show signs of strength again. The West Texas Intermediate Crude Oil Market has certainly been pressuring the $75 level, an area that obviously is a large, round number, that will attract a certain amount of attention and I think at this point we’ll be paying close attention to whether or not we can actually stay above there. If we can, then the market will enter a much more bullish phase from everything that I see. Furthermore, I think the 200-day EMA will then be targeted, which would make quite a bit of sense as well. Short-term pull backs continue to offer buying opportunities that I think traders will flock to, with the $71 level underneath offering major support.

Brent Crude Oil Technical Analysis

In the Brent market, we have very much the same. We had an initial pullback, and now it looks like we are trying to do everything we can to reach the $80.50 level. The $80.50 level is an area that’s been massive resistance previously, and I think if we can break above there, much like in the WTI market, we will see Brent try to reach the 200 day EMA.

All things being equal, I think this is buy on the dips and I think 75 is an area that a lot of people will be paying attention to. So, with that being the case, I like the idea of buying dips in crude oil. I think it’s probably only a matter of time before buyers come in and try to take advantage of cheap crude oil. There are a lot of things going on at the same time though, so you do have to be cognizant of that.

For example, we have to worry about whether or not the Red Sea attacks actually disrupt crude oil. We have to worry about whether or not economic demand will drive crude oil prices higher or not. And of course, any moves that OPEC makes.

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