Crude Oil Price Forecast – Crude Oil Markets Running Into Resistance

Crude Oil Prices Forecast Video for 29.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the early hours on Tuesday but looks as if it is facing a significant amount of resistance just above. The area just above has seen a lot of noise previously, and of course we have the 50-Day EMA sitting right around the $75 level. The $75 level of course is a psychologically important level, and of course the middle of the overall consolidation range that we had been in for some time.

If we can break above the 50-Day EMA, we could go looking toward the $82.50 level, which was the top of that range, but it’s obviously a very difficult move to make. On signs of exhaustion, the market is more likely than not going to go looking to the $70 level underneath.

Brent Crude Oil Technical Analysis

Brent markets have also struggled a bit, which makes sense considering that we are still concerned with overall global growth. In fact, you can make a potential bearish flag out of the pattern that we have been building, which measures a move down to roughly $65. The 50-Day EMA sits above current pricing, near the $81 level. That could cause a significant amount of resistance as well, but it will be difficult to imagine a situation where we simply sliced through it.

Keep in mind that there are a lot of concerns when it comes to global growth, therefore it does make a lot of sense that oil will struggle. If we break down from here, the market could come tumbling down towards the $70 level, but I don’t know that we will break through there easily. After all, the crude oil market has been extraordinarily negative previously, but the downtrend should prevail. The easy money to the downside has already been made, so you will have to continue to look for signs of exhaustion to start shorting. The higher this market goes, the more likely I am to get short unless of course we see some type of sudden explosion to the upside as the growth propositions would change. That was very unlikely, so I still believe that oil will continue to have a bit of a wait around its neck.

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