Crude Oil Price Forecast – Crude Oil Markets Continue to Recover

Crude Oil Prices Forecast Video for 22.08.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Monday, as we are above the $85 level. The $85 level being broken above is a bullish sign, and I think at this point is likely that we will go look into the $87.50 level. If we can break above that, then the market is likely to go looking to the $90 level. Underneath, we have the 200-Day EMA is sitting just below the $83 level, offering a bit of a floor in the market. The market of course is paying close attention to it as per usual, as it looks like we are trying to recover from a pullback to the 200-Day EMA.

In general, I think this is a situation where you continue to see a lot of noisy behavior, before we go much higher. All things being equal, I think the situation is going to continue to be noisy, but it certainly looks as if people are trying to run to the upside.

Brent Crude Oil Technical Analysis

Brent markets continue to see a lot of noisy behavior, and at this juncture it looks like we are trying to form some type of bullish plan, and therefore open up the possibility of a move to the $90 level. Brent continues to be very bullish, therefore I think we’ve got a situation where the market continues to look to the upside, and therefore I think short-term pullbacks offer value that people take advantage of, and the 200-Day EMA underneath will continue to offer support. The 50-Day EMA underneath also offers support as well. All things being equal, this is a situation where I think you continue to look for buyers on dips, and therefore eventually we go looking to build up enough momentum to get to the $90 level.

If we break down below both of these moving averages, then it’s possible that the crude oil market is likely to go look into the $80 level. The $80 level is a large, round, psychologically significant figure, and an area where we see a lot of noise in the past, so we will have to pay close attention to it.

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