Crude Oil Price Forecast – Crude Oil Markets Continue to Find Buyers

Crude Oil Prices Forecast Video for 07.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back a bit during the trading session on Monday but found enough support near the 50-Day EMA to show signs of life. At this point, I think it does start to look very obvious that the market is trying to get back to the top of the overall range. The question now is whether or not the market will be able to break out, or if we are going to find plenty of selling in that area to keep the market contained in the same consolidation.

The one thing that I cannot help but notice in this general vicinity is that it looks like we are trying to keep the sideways action going, but it is also worth noting that we are gradually trying to make higher lows. If that’s going to be the case, it is perhaps a signal that maybe the buyers are about to push this market to the upside. Either way, I would not risk too much in this market, at least not yet. A daily close above the 200-Day EMA would be extraordinarily bullish.

Brent Crude Oil Technical Analysis

Brent markets also pulled back to the 50-Day EMA early on Monday, only to turn around and show signs of life. The 200-Day EMA is sitting just above the $89 level, which is the top of the overall consolidation area that we have been in. If we can break above there, then I think it is possible that we could look into the $95 level.

Short-term pullbacks should be buying opportunities, and remain so until we reach the top of the rectangle, which is when I will wait to see whether or not we have an exhaustion candle that we consider shorting, or if it’s going to be a situation where we finally break out. The lows in this market continue to get slightly higher, so it might be a signal that perhaps we are getting ready to break out. I don’t know if that’s going to be this time, or if it’s going to be later, but I do know that a lot of pundits think that crude oil prices are going higher through the summer.

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