Crude Oil Price Forecast – Crude Oil Continues to Build Momentum

Crude Oil Prices Forecast Video for 30-01-2024

WTI Crude Oil Technical Analysis

The WTI crude oil market has pulled back a bit from the 50-day EMA on Monday and at this point in time it looks like we could reach the $75 level. The $75 level of course is an area where a lot of people will be paying close attention because it is a large round number, but it is also a 200 day EMA, which is an indicator that a lot of people pay close attention to as well. All things being equal, I like the idea of buying dips because it does offer value in a market that I think is trying to find enough momentum to the upside.

Quite frankly, it’s not until we break down below the $65 level that I think oil starts to fall apart. This is a buy on the dip type of market, and I think that continues to be a way to look at not only the WTI market but Brent as well.

Brent Crude Oil Technical Analysis

Speaking of Brent, Brent has found the $84 level to be a significant resistance. The 200-day EMA underneath offers support right along with the $80.50 level. All things being equal, continue to find buy on the dip attitudes here, then $90 above could be a target. On the downside, I believe that as long as we stay above $70, you remain more buy on the dip than anything else. This isn’t to say that the oil markets are going to suddenly take off or that they are going to be easy to deal with, because I do believe there is a lot of volatility just waiting to happen.

That being said though, I think finding value makes the most sense as we have a lot of concerns when it comes to the Red Sea attacks, whether or not the central banks around the world are going to loose monetary policy and therefore drive up industrial demand. But at the same time, we do have quite a bit of oversupply. So, I do think we continue to see volatility, but I also think we may have found the bottom.

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