Crude Oil Price Forecast – Crude Oil Markets Continue to Threaten Resistance

Crude Oil Prices Forecast Video for 13.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market is trying to break above the $75 level, as Wednesday suddenly is becoming a very important trading session. Looking at this chart, you can see that the market is trying to do everything it can to take it up to the upside and reach the 200-Day EMA. The 200-Day EMA is the next major barrier, so it will be interesting to see if we can attack there.

If anything, when we do pull back, the 50-Day EMA sets right around the $72 level and is rising. I think that would be your major support underneath, and if we can break down below there, the market goes down to the $67.50 level. All things being equal, this is a market that I think is starting to rapidly become a “buy on the dips” market. However, we still have a lot of work to do so the next 24 hours could be crucial.

Brent Crude Oil Technical Analysis

Brent also is doing everything it can to breakout, fighting the $80 level. We can close over there on a daily close, then it’s possible that we could attack the 200-Day EMA, which is a little bit above the $82 level. Ultimately, if we can break above them then the market has the possibility of going to the $85 level, possibly even the $87 level after that.

On a pullback, the market continues to see a lot of people being interested in getting long, especially as the 50-Day EMA sits just below the $77 level. All things being equal, this is a market that I think given enough time, we will try to go higher. If we can break above the 200-Day EMA, then we can really start to take off.

Keep in mind that the market is highly sensitive to the global demand, and that of course has been a major problem. However, we have recently seen OPEC become more aggressive about cutting supply, so if that’s going to continue to be the case, then we could take off to the upside. In general, the market looks as if it has perhaps formed a bit of a bottom.

For a look at all of today’s economic events, check out our economic calendar.