Crude Oil Price Forecast – Crude Oil Continues to Plunge

Crude Oil Prices Forecast Video for 01.06.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market fell hard during the trading session again on Wednesday, as the market has been struggling for some time. Alternatively, this is a market that is getting a little oversold, so it would not be a huge surprise to see it bounce a bit. After all, we do tend to trade in a range during the summer, so it’ll be worth paying close attention to whether or not we try to form one. From a longer-term standpoint, I believe that the $65 level is massive support, while the $80 level above is major resistance.

In general, this is a scenario where the market continues to see a lot of noisy behavior, but on the oversold condition will probably correct itself in the short term. This would be a trade at best, it’s not something that I anticipate being anything that sticks. If we were to break down below the $65 level, look out below because that would be a major move just waiting to happen.

Brent Crude Oil (UK) Technical Analysis

The Brent market has fallen rather hard during the trading session on Wednesday as well, as it looks like we are testing the $72 level. Underneath, we have the $70 level that should be significant support, as it has proven itself to be important a couple of times in the past. Furthermore, it is a large, round, psychologically significant figure that a lot of people pay close attention to, and therefore it’s likely that we will see a bit of a reaction to that area.

If Brent were to break down below the $70 level, then it would test the $68 level, which is the bottom of a massive hammer from a couple of weeks ago when we really started to sell off. Anything underneath there would send this market racing lower. That being said, it’s probably more likely than not that we would see a little bit of a bounce and perhaps an attempt to get back to the $75 level as it will attract a lot of attention.

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