Crude Oil Price Forecast – Crude Oil Markets Rally Into The Holiday

Crude Oil Prices Forecast Video for December 26, 2023

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Friday, as it looks like we continue to threaten the $75 level. If we can break above there, then the market could go looking to the 50-Day EMA, and then eventually the $79 level. Ultimately, this is a situation where the market does look like it is trying to go higher, but all things being equal, a short-term pullback is possible as we are at the major resistance barrier that’s been important multiple times. If we can break above the $75 level, I think it will bring in more money.

All things being equal, I think that the $72.50 level could offer a bit of support, and of course the absolute “floor in the market” is down at the $68 level. That being said, the market is likely to continue to be very noisy, and therefore we need to look at this through the prism of trying to form some type of longer-term bays.

Brent Crude Oil Technical Analysis

Brent rallied significantly during the trading session on Friday, as it looks like we are threatening the $80 level. The 50-Day EMA sits just above offering resistance, so that is something that’s worth paying attention to as well. If we were to take out the 50-Day EMA to the upside, then it opens up a move to the 200-Day EMA. All things being equal, this is a scenario where we see a lot of noisy behavior in this general vicinity, but if we were to break down below the $78 level, then it opens up a move down to the $72 level. In general, this is a situation where the trading public will be looking to determine where the next major move is going to happen. The next week or so is going to be difficult, then I think it’s a situation where the best thing you can do is keep your position size small, or quite frankly just stay out of the market until the holidays are over, which is what a lot of professional traders end up doing.

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