Crude Oil Price Forecast – Crude Oil Market Shows Strength

Crude Oil Prices Forecast Video for 13.09.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be bullish, as we continue to see upward momentum. Ultimately, this is a market that I think goes look into the $90 level, as it looks like we are trying to break out of the recent consolidation area. All things being equal, this is a market that I think it will continue to pay close attention to the lack of supply, as the market continues to pay close attention to the voluntary production cuts coming out of Russia and Saudi Arabia.

All things being equal, this is a market that has quite a bit of buying pressure underneath it, and I think it probably continues to find buyers on dips, and with the $85 level underneath, the market should see plenty of buyers in that area as it was a previous high and of course the top of an overall large pennant.

Brent Crude Oil Technical Analysis

Brent markets have broken higher during the course of the trading session, with the $90 level underneath offering support. All things being equal, the market pulled back and showed signs of support every time we gave up momentum over the last couple of days, and I think that the $90 level offers support. Both of these markets have shown a bit of positivity due to the so-called “golden cross” that formed a while back. All things being equal, I think the Brent goes to the $100 level, but that doesn’t necessarily mean we get there overnight.

I think given enough time the market continues to see plenty of buying pressure and eventually we will see this market continue to find value hunters. Underneath, the $85 level is a bit of a floor in the market, and therefore it’s not until we break down below that level that I would be concerned about the overall trend.

Until that changes, I think it’s a situation where we will eventually go much higher, and therefore I don’t really have a situation where I’m willing to short this market, unless of course Saudi Arabia or Russia were to suddenly change their overall attitude, something that’s not going to happen anytime soon.

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