Crude Oil Price Forecast – Crude Oil Continues to Do Nothing

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market has done almost nothing during the trading session. As we continue to see the 200 day EMA act as a major barrier. Quite frankly, oil just doesn’t have anywhere to be right now. Yes, it’s well supported underneath and I do think eventually that comes into the picture. But ultimately this is a market that is going to continue to look very lackluster.

I think the $80 level above, is a major resistance barrier that has to be overcome and quite frankly, between that and the 200 day EMA, we just are going to continue to chop forever. At least that’s how it’s going to feel.

Underneath, we have the 50% Fibonacci retracement level, and a lot of people will be paying attention to that as well. But with that being the case, we need to be very cautious and recognize that once we do get a move higher, it’s probably going to be very strong, but you don’t want to get overly exposed right away.

Brent Crude Oil Technical Analysis

Brent markets look very much the same with the 200 day EMA offering a headache for buyers. But underneath you have the 50% Fibonacci retracement level that seems to be holding up quite well. Also, with this being the case, if we can break above the $84.50 level, then I think the market truly takes off and breaks well above the 50 day EMA to go maybe someday looking to the $90 level. Cyclically speaking, this is a very strong time of year, so it would not be a huge surprise at all to see the market take off.

And quite frankly, I’m kind of wondering what it’s waiting on. So, at this point, it’s a matter of being patient and just waiting out whether or not the market is going to start seeing momentum or not. I certainly don’t like selling. There’s a lot of noise underneath, and therefore it’s long only or on the sidelines.

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