Crude Oil Price Forecast – Crude Oil Markets Looking for Buyers
Crude Oil Prices Forecast Video for 03.02.23
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has pulled back a bit over the last couple of days, and on Thursday it was a little bit more of the same. There is an uptrend line just underneath that could come into the picture and help, but more likely than not we’ve got a situation where traders will just have to deal with a lot of choppy and noisy behavior. Furthermore, the Friday session is the Non-Farm Payroll announcement, and that of course has its own influence on the markets as the employment situation has been like a thorn in the side of the Federal Reserve.
All things being equal, this is a market that looks like it is trying to rally over the last couple weeks, but it is doing so in slow motion. If we can break above the 50-Day EMA, it opens up the possibility of trying to get to the $82.50 level. If we break down below the uptrend line, then somewhere near $72 would be the target.
Brent Crude Oil Technical Analysis
Brent markets have gone a little bit lower during the trading session on Thursday, but still remains somewhat firm in the sense that there are buyers underneath. That being said, the $80 is going to be an important place to pay attention to, and if we can stay above there, I think there is still a chance that we go higher. On the other hand, we break down below the $80 level, it would show a significant amount of weakness, and therefore likely to open up a move down to the absolute lows.
For a look at all of today’s economic events, check out our economic calendar.