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Crude Oil Forecast: Continues to See Bullish Pressures

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

ullish patterns emerge, with WTI and Brent crude eyeing key resistance levels. Market buoyed by inventory shifts and global economic cues.

  • The crude oil markets continue to witness buying interest, with indications of an inverted head and shoulders pattern forming.
  • Despite the noise in the market, bullish arguments persist. Because of this, I think that you are looking at this market through the prism of finding value.

WTI Crude Oil

Crude Oil Forecast Today - 15/02: Bullish Oil Market Trend (Graph)

In the West Texas Intermediate crude oil market, Wednesday's trading session saw marginal positivity, with the market edging closer to the 200-day Exponential Moving Average. There's a growing sense that the market is attempting to establish a significant bottoming pattern and prepare for a potential breakout. Clearing the $80 level could pave the way for further upward movement, with a target around $87. Short-term pullbacks are likely to find support, particularly near the 50-day EMA, coinciding with the $75 level. This would be a strong value play just waiting to happen if we were to see it.

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Brent

Brent Oil Forecast Today - 15/02: Bullish Oil Market Trend (Graph)

Similarly, the Brent market exhibits comparable behavior, albeit with a slightly higher reference to the 200-day EMA. The $85 level presents a potential resistance point, but a breakthrough could lead to a push towards $90. Short-term declines continue to offer buying opportunities, with the 50-day EMA around the $80 level serving as an attractive entry point. At this point, I would get a bit more aggressive in buying.

Crude oil prices are influenced by several factors, including unexpected inventory declines and geopolitical tensions in the Middle East, which often inject momentum into the market. Additionally, the possibility of global central banks implementing rate cuts could stimulate economic activity and, subsequently, demand for crude oil.

Both markets appear to be in the process of forming inverted head and shoulders patterns, a technical indicator worth noting. It's likely that technical traders worldwide are closely monitoring these developments. Technical trading of course is more of a retail play, but there is a certain amount of pressure exerted by those people.

At the end of the day, the crude oil markets show signs of resilience, with buyers active amid the formation of bullish patterns. While various factors contribute to market dynamics, including inventory data and geopolitical concerns, attention remains on the potential impact of central bank policies on global economic activity and oil demand. As these patterns unfold, market participants will continue to assess opportunities for strategic positioning.

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Christopher Lewis
About Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
 

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