Crude Oil Price Forecast – Crude Oil Markets Have Strong Tuesday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be resilient during the session on Tuesday, as we have the 50-Day EMA slicing through the present candlestick. At this point, it looks like the market maybe trying to get to the 200-Day EMA, just underneath the $92 level. By doing so, it would show quite a bit of strength, and could kick off the next bullish market. On the downside, we could see a move back down to the $82.50 level before we break through significant support. Either way, I think crude oil is about to become a very volatile and significant battlefield in the financial markets.

Brent Crude Oil Technical Analysis

Brent markets have shown themselves to be rather resilient as well, touching the 200-Day EMA during the trading session on Tuesday, threatening to break well above the $95 level and take off to the upside. If we do break above the 200-Day EMA, there is not a lot to keep this market from reaching the $100 level at that point. I do believe that it is more likely than not going to try to get there based upon recent action, and of course that the continued concerns about Russian oil, right along with the OPEC decision to cut 2 million barrels per day.

The only thing that’s really keep the market down at this point is the fact that a lot of people understand that demand is also dropping at the same time. In other words, I anticipate the volatility will continue, and it will of course be a very messy move. That being said, it certainly looks as if the buyers are starting to win the argument.

Crude Oil Prices Forecast Video for 02.11.22

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