Crude Oil Price Forecast – Crude Oil Markets Continue to Show Upward Pressure

Crude Oil Prices Forecast Video for 20.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied just a the early hours on Wednesday, as we continue to see the effects of OPEC production cuts working its way through the markets. All things being equal, this is a market that has been rallying for a while, and has now confirmed a bit of support underneath. It looks as if the market is going to continue to see an attempt to reach toward the 200-Day EMA above, which is obviously a large indicator that a lot of people pay close attention to. Breaking above it then would open up the possibility of a move to the $82.50 level.

Remember that we are currently trading between the 50-Day EMA and the 200-Day EMA indicators, which typically means we are going to see quite a bit of noisy behavior, and that has been a situation that we have seen over the last days. However, it looks as if the buyers are starting to flex their muscles.

Brent Crude Oil Technical Analysis

Brent markets have rallied as well, clearing the $80 level again. Just like in the West Texas Intermediate grade of oil, Brent finds itself trading back and forth between the 50-Day EMA and the 200-Day EMA indicators. We have most certainly seen a bit of consolidation, but one thing that I can say about both Brent and WTI is that the markets look as if they are trying to form some type of bullish flag. Obviously, a lot of technical traders will be attracted to this.

As long as we can stay above the 50-Day EMA, then it’s likely that we will see plenty of buyers willing to get involved in this market. If we can break above the 200-Day EMA, then it’s likely that Brent will go looking toward the $87 level. Breaking above that then opens up a bigger move to the upside, perhaps the $90 level, and beyond. On the other hand, if we were to break down below the 50-Day EMA, it makes quite a bit of sense that the Brent market would go looking to the $75 level, and then possibly the $72 level.

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