Crude Oil Price Forecast – Crude Oil Markets Have Slight Rally on Thursday

Crude Oil Prices Forecast Video for 13.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Thursday to touch the 50-Day EMA. That being said, the market is starting to slow down a bit, so it will be interesting to see how this plays out. Keep in mind that just above the 50-Day EMA we have the $80 level, and that will obviously cause a lot of attention as well. I’m looking for signs of exhaustion to start selling, and I do think that will get them rather soon.

If we break down below the bottom of the candlestick for the trading session, then it’s likely that we will try to take out the bottom of the previous day’s session, near the $74.75 level. On the upside, if we were to clear the $81 level, then I suspect we have further to go to the upside in the short term.

Brent Crude Oil Technical Analysis

The Brent markets rallied as well, also touching the 50-Day EMA. The $85 level sits just above there, so it is worth paying attention to this general vicinity as we are looking at the market either trying to form some type double bottom, or just simply consolidating. At this point, there’s a lot of concerns when it comes to global demand, so I don’t think that the double bottom is going to be the beginning of the great bull market. Honestly, I’m just looking for signs of exhaustion that I can start fading again, because energy will continue to be a bit of a mess as we see the world slow down economically. Yes, there’s talk of the Chinese reopening, but quite frankly that still has a long way to go.

For a look at all of today’s economic events, check out our economic calendar.