Crude Oil Price Forecast – Crude Oil Market Stagnated at 50-Day EMA

Crude Oil Prices Forecast Video for 07.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday, as the 50-Day EMA continues to offer significant resistance just above. That being said, even if we break above this indicator, it’s possible that we could see quite a bit of resistance all the way to the $75 level. On the other hand, if we were to turn around and break down from here, the $70 level could be targeted as it is a large, round, psychologically significant figure.

Keep in mind that OPEC is in the middle of its meetings right now, and therefore a lot of people will be waiting to see what they do next. However, it’s already known that they plan on extending the cuts a bit, so it’ll be interesting to see what the statement has to say about where we’re going next.

Brent Crude Oil Technical Analysis

Brent has also stalled at the 50-Day EMA, and therefore it makes quite a bit of sense that we would see this market offer a bit of stagnation as well. Given enough time, I think this is a market that will have to deal with the idea of hesitation and of course the fact that there is so much in the way of selling pressure above. The $80 level is what I think is the overall ceiling in the market, so if we were to somehow break above there, it would be a very bullish sign.

More likely than not, we turned around and drifted below the $75 level, which is a large, round, psychologically significant number, but the real support is probably closer to the $71.50 level, extending down to the $70 level. In general, I think this is a market that is trying to figure out what to do with itself, as we are still very much in the “summer range” that we have been carving out over the last several months. Eventually we will break out of this range, but right now it certainly doesn’t look as if we are ready to do so quite yet, therefore we need to be thinking along the lines of a range bound set up more than anything else.

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