Crude Oil Weekly Price Forecast – Crude Oil Markets Rally Again

Crude Oil Prices Forecast Video for 26.12.23

WTI Crude Oil Weekly Technical Analysis

The West Texas Intermediate Crude Oil market has rallied to reach the $75 level, which of course is a large, round, psychologically significant figure, and an area where we have seen both support and resistance multiple times in the past, so it’s interesting that we end up here. If we can break above this level, then it’s possible that we could go look into the $78 level. On the other hand, if we turn around and fall from here, there should be plenty of support near the $72 level.

Recently, we have seen traders trying to price in Armageddon, but now it looks as if the economy may be getting quite a bit of liquidity pumped into it, and that generally is good for crude oil so I think we may be in the midst of some type of recovery here.

Brent Crude Oil Technical Analysis

Brent markets have rallied to reach the $80 level, which is a large, round, psychologically significant figure, and much like we have seen in the WTI Crude Oil market, we are in an area that has seen a lot of noise. That being said, if we break to the upside, then we go look into the 50-Week EMA. If we were to break above there, then it opens up the possibility of a move to the $93.50 level.

Short-term pullbacks open up the possibility of a move down to the $76 level, and then possibly down to the $72 level. All things being equal, I think we are trying to recover over here as well, as the liquidity being pumped into the market has people thinking that the economy is going to start to pick up again.

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