Crude Oil Price Forecast – Crude Oil Continues to See Overhang

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market has rallied ever so slightly in the early hours on Thursday as we continue to see a lot of noisy behavior. In general, I do think that the market is trying to get to the $72.50 level above, which has been significant resistance. If we can break above there, then market participants will continue to look at this through the prism of going to the $78 level. However, if we see signs of exhaustion, then I think we just stay in the same range we had been in for a while as I think we’re just simply stuck trying to determine whether or not demand is going to pick up later this year.

Brent Crude Oil Technical Analysis

The Brent market, of course, is struggling at the 50-day EMA, and a break higher could open up the possibility of a move to the $76 level, with the $70 level underneath end up being a significant floor.

As long as we stay in the same general area, I think this is more or less back and forth range bound trading over here as well. If we can clear this $76 level, then I think at this point in time, we open up the possibility of threatening the 200 day EMA. I do believe that crude oil is in the midst of trying to bottom, but that’s a process and it takes a significant amount of time.

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