Crude Oil Price Forecast – Crude Oil Markets Rally Into the Weekend

Crude Oil Prices Forecast Video for 03.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, as it looks like we are breaking above the $70 level. At this point, we could go looking to the 50-Day EMA, but I don’t necessarily think that means much, as we are still in the overall consolidation area that we have been in for a while. Above there, then we have the $75 level, which is the absolute top of consolidation.

The $67.50 level offers a certain amount of support, extending all the way down to the $65 level. The $65 level has been like a hard floor in this market, but it’s probably worth noting that each successive high over the last couple of weeks has been lower. In other words, we remain very noisy and choppy, but still very much in consolidation despite the fact that it has been so bullish over the last couple of days.

Brent Crude Oil Technical Analysis

Brent markets have also rallied during the course of the week, as it looks like we are reaching toward the 50-Day EMA over here as well. Ultimately, this is a market that will look at the $77.50 level as a potential barrier, and ceiling in the market. Underneath, we have the $71.50 level as potential support, and even though we have rallied during the day on Friday, we are still very much in the same consolidation area, and of course very much in the process of building up some kind of basing pattern. Ultimately, this is a situation where we continue to see a lot of noise, but eventually we will break out of this range.

Once we break out of the range in either one of these markets, it opens up the possibility of a move of a $10 move. That of course would be a huge turn of events, but right now it looks like we are hanging around in the typical “summer range” that we have been known to get into every year. All things being equal, this is a situation where we are just killing time, until we get some type of clarity for the longer-term move.

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