Crude Oil Price Forecast – Crude Oil Continues to Look For Momentum

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Published: Jul 26, 2024, 13:42 GMT+00:00

The crude oil market has drifted a little bit lower in the early hours of Friday, as we are digesting a bit of those gains from Thursday. This is a market that continues to see a lot of volatility.

WTI Crude Oil Technical Analysis

The crude oil market has pulled back slightly during the early hours on Friday in the West Texas Intermediate grade but is still very noisy. I think at this point, we are supported underneath by the bullish traders out there as the market has been oversold for some time and finally got a bit of a bounce during the Thursday session. With this being the case, it looks to me like the market is trying to rally a bit, perhaps going to the $80 level.

But if we fall from here, we could see a retest of the $75.50 level. In general, the West Texas Intermediate had an impulsive move to the upside during the previous session, and I do think there will be a little bit of follow through. Brent is very much the same thing with the $80 level underneath being a focal point.

Brent Crude Oil Technical Analysis

If we can break above the $82 level, then I think Brent markets go looking to the $84 level above. Keep in mind that crude oil markets have been sold off a bit as of late and a little bit of a bounce would make a certain amount of sense considering that we are quite often range bound with a positive tone during the summertime. So, with that being said, this is a market that I think is more likely than not going to continue to attract a buy on the dips type of attitude, as the demand still is somewhat in flux, but with the recent PMI numbers, it suggests that the oil market will continue see buyers.

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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.