Crude Oil Price Forecast – Crude Oil Markets Continue to Try to Recover

Crude Oil Prices Forecast Video for 22.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied during the trading session on Wednesday, as we have broken above the previous short-term high in the market. At this point, it’s likely that we could go looking to test the 50-Day EMA, and the $80 level. Keep in mind this is the end of the year, so liquidity could be a bit of an issue but quite frankly this is a market that I think given enough time will probably have to bounce a bit if for no other reason than to have people collecting profits at the end of the year.

Brent Crude Oil Technical Analysis

Brent markets also have rallied a bit during the session as well, breaking above the $81.50 level. Ultimately, the market is likely to see resistance above, at the most recent high, near the $83 level. After that, we could be looking at the $85 level, where the 50-Day EMA is hanging about. Any signs of exhaustion in that area could be a nice selling opportunity, and I would not hesitate to jump on it. However, you should keep in mind that some traders out there are starting to price in the idea of a lack of supply.

(It should be noted that the paper and the physical markets haven’t reflected the reality of each other for quite some time.) With this being said, I don’t think we are at the bottom of the market, but I do think that we are overdue for a short-term bounce. Ultimately, this is a market that is oversold, so I think that’s what we are watching right now.

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