Crude Oil Price Forecast – Crude Oil Markets Continue to Raise Higher

Crude Oil Prices Forecast Video for 04.09.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be strong yet again during the trading session on Friday as we got the jobs number out of America. Not only do we have the jobs number showing that perhaps there is going to be a potential “soft landing. If that’s the case, then it could really start to kick everything into high gear as far as demand is concerned.

Pullbacks at this point in time continue to attract a certain amount of attention, and therefore I think you need to look at it through the prism of whether or not we are going to get some type of value that we can take advantage of. After all, the influence of OPEC cutting back supply certainly cannot be ignored, but we are little overextended at this point. I look at this through the prism of buying on dips, with the recent 50 day EMA cross above the 200-Day EMA kicking off the “golden cross.”

Keep in mind that Monday is Labor Day and the United States, so therefore you may have to wait a couple of days to get value. It looks like we are heading to the $90 level.

Brent Crude Oil Technical Analysis

Brent markets have rallied to break above the most recent high, and now look like they are getting ready to go looking to the $90 level. With this being the case, I like the idea of buying pullbacks, with the $85 level underneath being very supportive. We are bound to get the “golden cross” in this market as well, and it will attract a lot of attention. Ultimately, I think this market is not only going to the $90 level, but it is probably going to go much higher than that.

I have no interest in shorting, but if Brent were to somehow break down below the $80 level, then you can make an argument for shorting, but right now it doesn’t look like we are anywhere near that, and of course we just broke out of a bullish flag, which of course is a technical indicator that almost everyone can see.

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