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Crude Oil Price Forecast – Crude Oil Markets Plunge to End the Week

Crude Oil Prices Forecast Video for 20.02.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen during the trading session on Friday, as we continue to see a lot of negativity in general. Nonetheless, the market is very likely to continue seeing the overall consolidation area cause major noise, and therefore I think you got a situation where we are bouncing around between $82.80 on the top and $72.50 on the bottom. All things being equal, I think this is a market that just has no real direction so if you are range bound trader, you will probably continue to trade it quite well.

Brent Crude Oil Technical Analysis

Brent has also fallen during the trading session, as we continue to see a lot of questions asked about the global growth situation. As long as that’s going to be the case, you need to be aware of the possibility that the market is just simply stuck for the time being. The $77.50 level underneath should be support, while the $87.50 level above should be resistance. Ultimately, we are hanging around the 50-Day EMA, as it is flat and right in the middle of a major consolidation range.

As long as we have no idea what’s going on with the global economy, there’s no real argument that we should be looking for a big trade. I think range bound traders will continue to love this market as well, perhaps keying off of the Stochastic Oscillator indicator. That being said, I would be very cautious about getting overly aggressive, because sooner or later we will break out of this mess. Once we do, we should have a much bigger move, therefore a lot of traders will be paying close attention to that volatility.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire