Crude Oil Prices Forecast Video for 29-01-2024
WTI Crude Oil Weekly Technical Analysis
As you can see, the oil market in the WTI grade has had a very good week and we have broken above the crucial $75 level. The $75 level is an area that previously had been significant resistance and now it looks like we are ready to go higher, perhaps reaching the 50-week EMA.
If we can break above that 50-week EMA, then I do believe that WTI continues to go much higher, perhaps even as high as $95 over the longer term. On the downside, as long as we can stay above $72, I do think that the buyers are pretty much in control, and we will continue to see a move higher.
Brent Crude Oil Technical Analysis
Brent is in the same situation as the WTI crude oil market as we’re threatening the 50-week EMA, which I think it’s worth paying close attention to, and at this point in time if we can break above there, then that should bring in more buyers to this market in order to drive it maybe as high as $95. We’ll have to wait and see but really at this juncture any short-term pullback I believe brings longer term traders in, as we have recently bounced from a major support region on longer term charts.
Ultimately, this is a market that is going to be based on the idea of loosening monetary policy, which should in theory drive up the demand for energy as more business and industries gets moving. Whether or not that actually happens remains to be seen, but it certainly looks as if that’s the way Wall Street and larger firms are going to be playing it going forward this year.
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This article was originally posted on FX Empire
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