Crude Oil Price Forecast – Crude Oil Markets Continue to Recover

Crude Oil Prices Forecast Video for 15.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied again during the session on Wednesday, showing signs of life after selling off quite drastically again. Ultimately, this is a market that is still very much in a downtrend so I am doing the same thing I was doing yesterday, waiting for signs of exhaustion that I can start selling. The $76 level was a bit of a barrier, but not necessarily a massive one. The 50-Day EMA is at the $81.76 level and dropping from here, so I think that might be a bit of a dynamic ceiling if we do reach that area.

Brent Crude Oil Technical Analysis

Brent markets of course are behaving very much the same, as we continue to wonder whether or not there is going to be enough demand around the world. But markets have broken above the $80 level, which of course is a bullish sign but there is plenty of noise above that could come into the picture, not the least of which would be the $85 level, and then again the 50-Day EMA. This is a market that still has to worry about geopolitical issues, and of course the fact that there are artificial price caps in some parts of the world now, so quite frankly I think this is all a bit of a recovery from an oversold position.

Keep in mind that liquidity could be a bit of an issue at the end of the week and going forward, as traders are to focus more on holidays. That’s going to be the case, it could open up for a bigger move in either direction, but I still favor the downside as the trend is very firmly ensconced.

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