Crude Oil Price Forecast – Crude Oil Markets Continue to Hesitate

Crude Oil Prices Forecast Video for 25.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has done very little during the trading session on Tuesday as we continue to see lackluster trading right around the $81.50 level. Ultimately, this is a market that is trying to figure out whether or not the inverted head and shoulders pattern being broken opens up the possibility of a big move. We could send this market to the 200-Day EMA which is sitting right around the $86 level.

On the other hand, we have the 50-Day EMA underneath the $80 level, hanging right around the $79.50 level. That’s where the neckline from the inverted head and shoulders currently resides as well.

Brent Crude Oil Technical Analysis

Brent has also done very little during the trading session, as we are hanging around the $88 level. Ultimately, this is a market that does very little over the last couple of days, showing just how exhausted it is. Whether or not we get a move to the 200-Day EMA remains to be seen, but the $85 level underneath could be massive support, especially where the 50-Day EMA is currently sitting.

If we were to break down below all of that, then it’s likely that we could go down to the $80 level. On the other hand, if we turn around and take out the 200-Day EMA to the upside, it could open up a more substantial move, perhaps to the $95 level. Either way, we need to see an impulsive candlestick to get an idea as to where we are going next, as it seems like the oil market is tired at the moment.

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