Crude Oil Prices Forecast Video for 02-02-2024
WTI Crude Oil Technical Analysis
The crude oil market initially pulled back just a bit during the trading session on Thursday to reach towards the 50-day EMA, but has bounced a bit from the $75 level. The $75 level, I think, is an area that aside from the fact that it is a large round number. It’s an area where we’ve seen some action in the past anyway. If we can rally from here, then I think the market goes looking toward the $80 level above.
In fact, I’ll go ahead and put a horizontal line there at 80. I think that’s eventually going to be our target. So we’ll see how that plays out. A breakdown below the $75 level then opens up $72.50. With this, buying on the dips continues to be the case. This has been the play for several months, and I just don’t see that changing anytime soon as we are starting to form more or less a “rounded bottom.”
Brent Crude Oil Technical Analysis
Brent, very similar situation with $80 – $80.50. I’m just going to move the support line to 80. Even though, 80.50 seems to be a little bit more precise. But you can see there’s like a little band of support here that previously had been resistance. If we can rally from here, the 200-day EMA gets targeted. After that, we could go looking towards even higher levels such as the $85 level as well. Ultimately, I don’t have any interest in trying to short the markets overall. This is a market that I think is in the process of bottoming out. Now that doesn’t mean that it’s going to be easy, but I do think eventually the buyer’s overcome in both WTI and Brent, driving these markets towards $90 over the next several months. It might be slow and steady, but I do think we finally get there.
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