Crude Oil Price Forecast – Crude Oil Markets Give Up Early Gain

Crude Oil Prices Forecast Video for 03.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally on Monday but gave back gains just as we did on Friday. Ultimately, this is a market that continues to see a lot of upward pressure, due to the fact that the Russian and the Saudi Arabian governments have cut back on production by over 1 million barrels per day. That has pushed the market higher for quite some time, but at this point in time it appears that we are starting to run out of momentum. This does make a certain amount of sense considering that the market has essentially been a one-way trade for some time.

Underneath, we have the $90 level offering support, and then again, the 50-Day EMA which sits just below the $85 level. Ultimately, this is a situation that is going to continue to be very difficult, and therefore you are probably going to be better off looking for some type of pullback that you can take advantage of.

Brent Crude Oil Technical Analysis

Brent markets have also tried to rally early during the day on Monday, but also gave up gain. Alternatively, the $90 level underneath is going to continue to offer support underneath, as it is a large, round, psychologically significant figure. The $90 level being broken would obviously be a very negative turn of events, but it’s probably worth noting that the 50-Day EMA is racing toward that area as well, so I do think that it is probably only a matter of time before you would see a confluence of support that a lot of people are willing to take advantage of.

The $95 level above offers a significant amount of resistance, and if we can break above there than the market could go higher, perhaps reaching toward the $100 level. I do think that given enough time it is likely to see that level, but it might need a little bit of a pullback in order to attract enough traders to get long. Ultimately, I have no interest in selling the oil market anytime soon as it has been so bullish for so long.

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