Crude Oil Price Forecast – Crude Oil Markets Rally Into the Weekend

Crude Oil Prices Forecast Video for 13.02.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied during the trading session on Friday to break above the 50-Day EMA. This is a bullish sign, but we are still in the range, so I think that the upside is somewhat limited for crude oil. With that in mind, the $82.50 level is an area that we need to pay close attention to, and therefore I think it’ll be interesting to see how this plays out, as to whether or not we can break out. I don’t think we do, but if we were to get a daily close well above there, then obviously I would have to get bullish, especially for break above that 200-Day EMA. The $90 level above would be the target in that scenario.

That being said, if we see some type of exhaustion, then we could head back toward the $72.50 level. There is a lot of noise around the world, and of course we have to determine whether or not demand will pick up in a slowing economy.

Brent Crude Oil Technical Analysis

Brent markets also have broken higher, which is above the 50-Day EMA. The 200-Day EMA sits at the $90 level, which is also the top of the overall range. If we break above there, then it’s possible that we could go to the $95 level. On the other hand, if we pull back from here, and breakdown below the hammer on the Thursday session, then I think we go down to the $80 level. Brent also has to worry about whether or not there’s going to be enough demand as well, so we have to be cautious.

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