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

Crude Oil Prices Forecast Video for 03.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally during the session on Thursday, but it looks like we are struggling to continue to go much higher. Ultimately, the $82.50 level is an area that seems to be offering resistance, but we are also seeing a significant amount of support at the 200-Day EMA. Ultimately, this is a market that looks like we are trying to form some type of inverted hammer, just like we did during the previous session.

If we were to break above the top of the inverted candlestick from the session on Wednesday, then it’s possible that we could go looking to the 50-Day EMA above. The $85 level above will be an area of interest, so I think at this point, traders would be paying close attention to that. If we can break above it, then it’s likely that the crude oil market could even open up the possibility of a move to the $90 level above. Breaking down below the $80 level opens up massive selling.

Brent Crude Oil Technical Analysis

Brent markets also tried to rally during the trading session, but then gave back gains to show signs of hesitation yet again. By doing so, it looks like we are hanging around the 200-Day EMA, and of course the $85 level which is a large, round, psychologically significant figure. This is an area where we have seen a gap in the market, and now that the futures markets have filled it, it’ll be interesting to see whether or not it holds.

If we were to break down below the hammer from a couple of months ago that is just below here, then the market could drop all the way down to the $80 level. On the other hand, if we can take out the 50-Day EMA, it’s likely that we could go look into the $90 level, and then eventually the $93 level. All things being equal, this is a market that I do think is trying to form some type of consolidation area, and we could be at the bottom of it right now as we try to sort out where we are going longer term.

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