Crude Oil Price Forecast – Crude Oil Markets Start The Year on a Good Note

Crude Oil Prices Forecast Video for 03-01-2024

WTI Crude Oil Technical Analysis

The crude oil market has had a positive kickoff to the 2024 year, with Tuesday being very positive for the West Texas Intermediate Crude Oil Market, showing signs of trying to get back to the $75 level. The $75 level, of course, is a large round $75 psychologically significant figure and also features the 50-day EMA. Because of this, I think it’s probably only a matter of time before resistance shows up yet again, but I also believe that traders are trying to look at the crude oil market through several different layers right now trying to sort out whether or not we have found some type of bottom.

If we can break above the 50-day EMA, then it opens up the possibility of a move to the $79 level above. In the meantime, short-term pullbacks probably get looked at as a potential value play, as the $68 level underneath has held such massive support not only over the last several months but last several years as it is a longer-term support level.

Brent Crude Oil Technical Analysis

Brent markets also rallied during the day, breaking above the $78 level and certainly looking likely to challenge the 50-day EMA above, which is currently at about $80.50. The market also has a major support level underneath in the form of the $72 level, which goes back not only months, but several years as an important level. The question now is whether or not crude oil has been oversold, which I suspect a lot of people are starting to price in, and whether or not we are trying to carve out a range for the year.

After the massive selling pressure that we have seen, it would make a certain amount of sense to see crude oil get a bit of a relief rally, especially if central banks are going to start loosening monetary policy, because that should charge the economy up a bit. Looking at the start, I suspect that is going to continue to be a situation where buyers continue to go into the market every time they get an opportunity to pick up “cheap oil.”

For a look at all of today’s economic events, check out our economic calendar.