Crude Oil Price Forecast – Crude Oil Markets Continue To Show Volatility

Crude Oil Prices Forecast Video for 04.12.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market was all over the place during the trading session on Friday, as it looks like we are continuing to see the crude oil markets cause major problems. Ultimately, the markets are trying to sort out whether or not OPEC can control supply, because quite frankly, the announcement was less than stellar. Furthermore, we also have to ask the question as to whether or not demand is going to pick up or fall, because quite frankly there are a lot of concerns about recession out there, and that will continue to cause oil to slump.

Currently, I think we are just simply bouncing around and trying to carve out a trading range, which is quite typical for this market. The $79 level above is a significant resistance barrier, and the $72.50 level underneath is a significant support level. Ultimately, I think we continue to see a lot of back and forth.

Brent Crude Oil Technical Analysis

Brent markets were very choppy during the trading session on Friday as it looks like we are continuing to hang around the $80 level. All things being equal, the $84 level above is a significant resistance barrier, and it also features the 50-Day EMA, and the 200-Day EMA indicators. Underneath, the $77 level offers support, and I think at this point we are trying to sort out where we go next.

All things being equal, the market is likely to continue to see indecision, because there are a lot of questions as to whether or not recession is going to be a major issue, or if we are going to sail through 2024 without going into one. If we do, then it’s likely that the crude oil market will have to go higher, but right now it looks like we are just simply going back and forth between the previously mentioned levels. I think at this point, you have to be more or less a range bound trader than anything else, as indecision will continue to be a major factor in this market. With this, we are essentially in the middle of this range, so there’s not much to do.

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