Crude Oil Price Forecast – Crude Oil Markets Sitting at Inflection Point

Crude Oil Prices Forecast Video for 03.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market was closed in the futures pits on Monday, but there was a bit of CFD trading. Ultimately, this is a market where I see a lot of noise right around where we closed at the end of the week, so it’s interesting to see that the market will continue to hang around the $80 level, and of course the 50-Day EMA. Between there and the 200-Day EMA, it’s likely that we would see a lot of noisy behavior in. On the downside, if we were to break down below the hammer from last week, then it’s possible that we could see a breakdown from there as well. Ultimately, we are in a longer term downtrend.

Brent Crude Oil Technical Analysis

Brent has stopped at the 50-Day EMA, and it’s likely to see a bit of resistance just above. Because of this, I think we’ve got a situation where the market is more likely than not going to have to determine whether or not there’s going to be real demand. I think somewhere between here and the $90 level, it’s likely that we would see selling pressure that we can take advantage of.

I’m more than willing to jump on signs of exhaustion, just as I would be more than willing to short this market on a breakdown below the hammers from last week. Global demand is going to continue to shrink, so I think that’s going to be a major driver of where we go going forward. A lot of the bullish pressure that we may have seen last week was probably due to short covering at this point.

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