WTI Crude Oil Forecast: Bulls Facing Strong Resistance at $80 – 08 February 2023
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I think we still have a lot of confusion ahead, so there’s no real reason to think that anything changes anytime soon, and therefore you range-bound trader’s going to continue to level oil.
When you look at this chart, you can see that the 50-Day EMA is sitting just above current pricing, and just below the bottom of the $80 level. The $80 level course has a large, round, psychologically significant figure, and an area that sits just below a major resistance barrier. The $82.50 level continues to be an area of interest, so I think that will be something worth paying attention to as well. If we were to break above the $82.50 level, then it’s likely that the market could go looking to the 200-Day EMA above.
On the other hand, if we pull back, we could see an attempt to get back down to the $75 level, and then perhaps down to the $72.50 level, where we had seen quite a bit of support previously. I think until something changes overall, this is a market that goes back and forth and therefore if you are range bound trader, you probably are looking at things like the stochastic oscillator to tell you and confirm when you are buying and selling between these 2 obvious areas.
I think we still have a lot of confusion ahead, so there’s no real reason to think that anything changes anytime soon, and therefore you range-bound trader’s going to continue to level oil. Eventually, we will break out, and when we do it’ll be obvious as to which direction you should be going.
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