Crude Oil Price Forecast – Crude Oil Markets Continue to See Negativity

Crude Oil Prices Forecast Video for 31.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Monday, as we have broken below the 50-Day EMA yet again. At this point, the market looks as if it is trying to threaten the $78 level, I think at this point is very possible that we could go down from here to reach towards the uptrend line of the previous triangle action.

Keep in mind that the crude oil market is normally very sensitive to global demand, as people use it to gauge the “lifeblood” of the overall global economy. At this point, it looks like things are slowing down, and therefore it’s likely that oil demand will continue to drift lower. It looks at this point that we would need to break above the $82.50 level to get long.

Brent Crude Oil Technical Analysis

Brent markets have fallen drastically during the trading session as well, as it look like we are trying to fall back into the triangle. The 50-Day EMA is an area where we need to continue to pay attention to, and the fact that we are slicing through it does suggest more weakness. If we were to fall below the lows of the previous week, then I think it’s likely that we are looking to the $81 level. On the other hand, if we turn around a break above the top of that little double peak that we formed over the last 2 weeks, then it’s possible that Brent will go looking to try to reach the 200-Day EMA. I think it’s very unlikely that happens easily, so I’m more apt to believe the market will continue to show negativity.

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This article was originally posted on FX Empire

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