Crude Oil Price Forecast – Crude Oil Continues to See Buyers

Crude Oil Prices Forecast Video for 15-02-2024

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market was slightly positive during the trading session on Wednesday, as it looks like we are threatening the 200-day EMA yet again. Ultimately, I think this is a situation where you have to look at this through the prism of a market that is trying to build up a major bottoming pattern and a major breakout. If we can clear the $80 level, then I think you have a real shot of the market going much higher. At that point, I’d be looking for a move closer to the $87 level. Short-term pullbacks should continue to see plenty of support, especially near the 50-day EMA, which happens to coincide with the $75 level.

Brent Crude Oil Technical Analysis

The Brent market, of course, is behaving very similarly and actually is a little bit higher in terms of reference to the 200-day EMA. At this point the $85 level above could cause a little bit of resistance and if we can break above there, then I think you’ve got a shot at the market going to the $90 level. Short-term pullbacks continue to be buying opportunities and I think the 50-day EMA sitting right around the $80 level is a potential buying opportunity in and of itself.

Keep in mind that crude oil is being driven by a handful of factors, not the least of which has been a surprising drop in inventories, but we also have a lot of geopolitical concerns around the Middle East. That always puts a little bit of momentum into the oil market. But we also have to pay attention to the fact that central banks around the world might be cutting rates, and that would juice economies around the world and thereby drive up demand for crude oil.

Ultimately, it looks like both markets are in the process of building an inverted head and shoulders. So that is something worth paying attention to as well. I suspect that most technical traders around the world have been paying attention to this also.

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