Crude Oil Price Forecast – Crude Oil Continues to Recover

Crude Oil Prices Forecast Video for 19-02-2024

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market initially fell during trading on Friday as we continue to pressure the 200-day EMA. This is a technical indicator that has offered quite a bit of support and resistance over the last several months so it’s not a huge surprise to see the market struggle to get above there, at least for any meaningful follow-through.

At this point though, I think the most important target to pay attention to is going to be the $80 level. I do think that it is probably only a matter of time before we break above the $80 level, but it is going to be a significant fight to get there. Once we get to $80 and then clear it, it becomes more or less a buy and hold market, probably reaching the $88 level. Underneath we have the 50 day EMA that also offers technical support, so I would pay attention to any dip as a potential buying opportunity.

Brent Crude Oil Technical Analysis

The Brent market sits at the 200 day EMA as well, and also has the 50 day EMA sitting underneath it right at the $80 level. If we can break above the $83.50 level, I think at that point in time, the Brent market starts to take off, perhaps reaching towards the $87 level, followed by the $90 level.

Crude oil is seeing a dwindling supply, and of course we have a lot of geopolitical concerns in the Middle East that could come into the picture and cause headaches for crude oil supply, delivery, etcetera. So with that being said, I do like the idea of buying on the dips, and the fact that central banks around the world are more likely than not going to continue to loosen monetary policy also bodes well for crude oil as a little bit of juicing of the global economy probably leads to more energy demand. At least, that’s the thinking in the market at this point in time as traders remain ever so helpful.

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