Crude Oil Price Forecast – Crude Oil Markets Continue to Reach Towards 50-Day EMA
Crude Oil Prices Forecast Video for 30.03.23
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Wednesday, as it looks like we are trying to get to the 50-Day EMA. The 50-Day EMA is sitting right around the middle of the overall consolidation that we had been in, so I do think that it is probably only a matter of time before we would see exhaustion. Any signs of exhaustion will more likely than not offer a shorting opportunity, and therefore the market will more likely than not revisit the $70 level. The $70 level is a large, round, psychologically significant figure, and it would make quite a bit of sense that we would see a bit of a reaction in that area. Quite frankly, it’s difficult to buy this market right now, just simply because there is going to be a lack of demand.
In fact, I would need to see the WTI market break above the $82.50 level to be convinced of a rally, and therefore I think it is worth noting that we are going to see a little bit of hesitation, but if we did break above there then it’s difficult to argue with the market at that point. There is hope that China will pick up consumption, but the economic numbers that are picking up in China are from the consumer side, not industrial side.
Brent Crude Oil Technical Analysis
Brent markets have also rallied just a bit, but it looks like we are trying to reach the $80 level, which is a large, round, psychologically significant figure. We also have the same issues in the Brent market as we do in the WTI market, as the global economy is going to demand less crude oil. With that being the case, I think you get a situation where we will eventually see an exhausting candle that we can start shorting. I have no interest in trying to buy this market right now, because it’s essentially trying to “pick the bottom”, something that almost always ends up in tears.
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