Crude Oil Price Forecast – Crude Oil Markets Continue to Look for Buyers

Crude Oil Prices Forecast Video for 24.05.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crew Oil market has been very strong during the trading session but still stays within the consolidation area we have been in for a while. Ultimately, this is a market that could go toward the 50-Day EMA, an indicator that a lot of people pay close attention to. Ultimately, the market will probably continue to see many questions asked about demand, but there’s also the fact that we could be trying to figure out what the summer range could be. After all, the market does tend to have a lot of range-bound trading this time of year, and of course, we had sold off so drastically that it does make a certain amount of sense that we would take a bit of a breather.

The $65 level underneath is a significant amount of support, while the $80 level above is a significant amount of resistance. Ultimately, that could be your range for the summer, but at this point, I’m looking at the shorter-term charts for the symmetrical triangle as an idea of a breakout leading us to a short-term move.

Brent Crude Oil (UK) Technical Analysis

Brent markets have also rallied, but instead of being in a symmetrical triangle, they are in an ascending triangle. The 50-Day EMA is set above, which offers a resistance barrier. If the market were to break above there, then it’s likely that we could go looking toward the $80 level and then possibly even as high as $85 above, which is the top of the overall range, just as the $70 level underneath looks to be a significant amount of support.

Expect a lot of noisy and choppy behavior, so I believe that at this point, most people would be trading this from a short-term attitude more than anything else. The $75 level seems to be a little bit of a magnet for prices as well, so I think we continue to see a lot of confusion in general, and that will probably be the case going forward as there are a lot of headline risks out there.

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