Crude Oil Price Forecast – Crude Oil Continues to Attempt to Rally

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Published: Aug 15, 2024, 14:23 GMT+00:00

The crude oil markets have been a bit positive in the early hours of Thursday, as the markets are focusing on several different things at once. The tensions in the Middle East also seem to be offering a bit of a floor in this market as well.

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market rallied just a bit during the early hours during Thursday trading as the market has found the area right around the $75.50 level as support. It’s likely that the market is going to continue to see a little bit of value hunting, perhaps due to the fact that there is a lot of geopolitical concern out there and that could have a major influence on the pricing of crude oil. Furthermore, it appears that Americans won’t stop spending if you look at the retail sales numbers, so that does suggest that perhaps maybe the demand will pick up just a bit.

Either way, we had sold off quite drastically and now we are in the process, at least primarily at this point, of trying to form a bit of an inverted head and shoulders. We’ll see if that plays out, but if we were to somehow turn upside and rally above the $78.50 level, it’s possible that we could really start to take off and that would confirm that pattern. Short-term pullbacks at this point in time, I think still sees a lot of support at the $75 level.

Brent Crude Oil Technical Analysis

The Brent market, of course, looks very much the same as we are sitting right around the $80 level again. If we can break above the $80 level, then it’s likely that we could go looking to the $81.50 level. If we break down from here, I think there is a significant amount of support near the $78 level, which has previously been important. Brent will obviously move right along with WTI Crude Oil over the longer term. And at this point, it does look like we are in the midst of trying to recover.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.