Crude Oil Prices Forecast Video for 27.01.23
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market rallied initially during the trading session on Thursday as we continue to see a lot of noisy behavior. At this point, the market is trying to figure out whether or not the 50-Day EMA is going to offer support underneath, and of course we have the neckline from the inverted head and shoulders pattern. At this point, it looks like the market is still trying to figure out what we are going to do, as the demand picture is concerned. After all, China is reopening, but at the same time we have the global economy slowing down. In this environment, clarity is not something that you get a lot of.
Brent Crude Oil Technical Analysis
Brent markets also have been very noisy during the trading session, as we continue to see a lot of uncertainty. The 50-Day EMA underneath should offer a significant amount of support, but we also have the 200-Day EMA above and the $90.75 level. More likely than not, we have a situation where we are trying to determine where the bigger move comes from, so at this point it’s going to be in market that we need to wait for some type of impulsive candlestick that we can follow.
Keep in mind the Brent is more susceptible to non-US issues, so it may lead the way going forward, as much of the rest of the world uses it. This is a situation where we had broken out of that inverted head and shoulders, and in theory could go higher, which the “measured move” would be near the $95 level.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire