Crude Oil Price Forecast – Crude Oil Markets Attempt to Recover

Crude Oil Prices Forecast Video for 08.12.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the early hours on Thursday, as we have shown signs of recovering. Quite frankly, the market is so oversold at this point I think that there are short covering positions being applied to the market, as well as traders just simply looking for value. This does not necessarily mean that I would be a buyer of the market, and I think there is a significant amount of resistance just waiting to happen at the $72.50 level, as it was a previous support level.

Underneath, the $67.50 level is a situation where we have seen a lot of support in the past, and I do think that’s the target eventually. We have simply rolled over and fallen quite drastically, therefore it’s probably a situation where the market is going to have to look at this through a short-term aspect, and a longer-term aspect. The longer-term aspect doesn’t look good, but I think given enough time we probably have a potential for a longer-term investment near that $67.50 level.

Brent Crude Oil Technical Analysis

Brent markets have bounced a bit during the trading session as well, as the market is likely to continue to see a lot of traders coming in to pick up a bit of value. After all, the market is likely to continue to see the fact that the RSI bounces from the 30 level is a potential side to start buying, but I also recognize that we have a lot of macro influences out there that could have people worried about crude oil.

After all, people are starting to suspect that we are going to see a massive recession, and if that is the case, then demand for crude oil should slump. However, if we were to break above the $77 level, it’s possible that we could see a reversal, although I’m not calling for that at this point. I think it’s more likely than not we are going to see a short-term bounce that is then sold into. With this, oil remains very bearish.

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