Crude Oil Price Forecast – Crude Oil Markets Continue to Pull Back Slightly

Crude Oil Prices Forecast Video for 19.04.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market fell a bit during the trading session on Tuesday, as it looks like the 200-Day EMA will continue to cause some headaches. Underneath, we still have that massive gap that has yet to be filled, and I think that might be where we are getting ready to reach toward. A breakdown below the $80 level could open up the possibility of that move, perhaps dropping all the way down to the $75.50 region. You should keep in mind that the 50-Day EMA is in that area as well, so I do think that also comes into the picture.

On the other hand, if we were to turn around and break above the high over the last couple of days, that does perhaps open up the possibility of a move to the $85 level, but I think filling the gap is probably more likely than not before it’s all said and done.

Brent Crude Oil (UK) Technical Analysis

Brent has done very little during the trading session, as we continue to hang around and look very likely to go trying to fill the gap underneath. After all, OPEC has recently cut production by 1.6 million barrels per day, and that did lift the price. However, it also suggests that they see something rather ugly down the road, and demand could be cratering.

When you look around the world, it’s very likely that the demand for crude oil could suffer as it looks like everything slowing down, but at the same time the production cuts have people getting excited. The 200-Day EMA is likely to jump into the picture as a significant resistance, so when I look at this chart, I do recognize that we are probably not going to get very aggressive. However, if we were to break above the $90 level, then it’s possible that we could go looking to the $95 level, which is where we’d seen a lot of selling pressure previously, and therefore you need to pay close attention to it as a potential trend defining area. Ultimately, I think we’ve got a situation where volatility comes back into the picture regardless, so it is worth paying close attention to.

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