Crude Oil Price Forecast – Crude Testing The Low End of The Range -

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market fell towards the $77.50 level, an area that has been important multiple times in the past. At this point, I think you’ve got a situation where the market is trying to do everything it can to find its footing. And despite the fact that there was a surprise build in the announcement during the previous session, there will come a point where eventually traders start to look at the time of year and the cyclicality plus the geopolitical issues that are currently a major problem right now. When you look at the chart you can see that we are hanging around the 50% Fibonacci retracement from the big move from the low in the end of 2023. So really at this point I do think that we will continue to consolidate but if we can clear the $80 level, the WTI market may truly take off.

Brent Crude Oil Technical Analysis

Brent looks very much the same as we dipped below $82, but now it looks as if we are trying to turn things around. We are near the 50% Fibonacci retracement level, and therefore I think a certain number of technical traders will be interested in trying to play this market. Now, I do think that the $84.50 level above is a major resistance barrier. And if we could get above there, we really could take off. But in the meantime, I just think we’re going to try to bounce towards that overall indicator. After all, this is a market that is going to continue to look at this area as a major support region. And therefore, I think a lot of value hunters are starting to come back into the market.

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This article was originally posted on FX Empire


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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