Crude Oil Price Forecast – Crude Oil Markets Pressuring Resistance

Crude Oil Prices Forecast Video for 16.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, to break above the 50-Day EMA. That being said, there is still a significant amount of resistance in the $80 area just above, so we are not through the woods quite yet. At this point, I’m looking for signs of exhaustion that I can start selling. Whether or not we get it remains to be seen, but I do think that is more likely than not, because quite frankly the global economy still looks as sluggish as it did a few weeks ago. However, if we break above the $81.50 level, then you would have to assume that the market is going to go looking to the 200-Day EMA.

If we do turnaround and break down below the bottom of the candlestick for the trading session on Friday, then it’s possible that we could go down to the $75 level. In that area, I would expect to see a little bit of a fight.

Brent Crude Oil Technical Analysis

Brent markets also have rallied and are pressing the crucial $85 level. At this point, if it can take out the $87 level, then I believe that the market is primed to go looking to the 200-Day EMA. At this point, a pullback would make a certain amount of sense, but we do not see the weakness necessary. Breaking down below the bottom of the Friday candlestick could open up a move back down to the $80 level but we will have to see. All things being equal, we did just form a double bottom so there is that for the buyers to hang their hats on.

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