Crude Oil Price Forecast – Crude Oil Markets Rally After CPI

Crude Oil Prices Forecast Video for 14.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has reached the $75 level, and it’s likely that we are to go looking to the $76 level. The $76 level is an area that has been supported previously, and therefore it’s likely that we would see a lot of resistance in that area. If we do pull back from here, then it’s likely that we will see the downtrend continue. If we continue to go higher, then I anticipate somewhere near the $80 level will be a target for sellers to get involved. The 50-Day EMA has just broken down below the $82 level and is starting to drift even lower.

Brent Crude Oil Technical Analysis

Brent markets rallied during the trading session on Tuesday, breaking above the $80 level. The $80 level is an area that of course a lot of people pay close attention to, as it is a large, round, psychologically significant figure. Breaking above there, then the market is likely to see quite a bit of resistance, especially near the $85 level. The 50-Day EMA sits right around the $88 level, and if you break down below there with the 50-Day EMA, there is a lot of resistance just waiting to get into the picture.

Ultimately, I do think that this is a “fade the rally” type of situation, due to the fact that demand is falling all over the world, but it’s also worth noting that the market is trying to recover a bit from the massive oversold condition. Ultimately, I think I’m waiting to see some type of exhaustive daily candlestick to start shorting again.

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