Crude Oil Price Forecast – Crude Oil Markets Dip but Find Support

Crude Oil Prices Forecast Video for 28.06.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market fell initially during trading on Tuesday, but found enough support underneath to keep the market somewhat stable. At this point, it looks like we are going to stay in the longer term range that we have been in over the last couple of months, which does make a certain amount of sense considering that we are in the midst of the summer, typically a very quiet time in the crude oil market.

Keep in mind that OPEC has been cutting production but at the same time the Americans have been flooding the market with SPR oil. Furthermore, there are a lot of concerns about global demand as the market is likely to experience some type of major global recession. In other words, I think you continued the same consolidation that we have seen for a while, with the outer edges of it being $65 and $75.

Brent Crude Oil Technical Analysis

Brent will obviously have a lot of the same influences on it that the WTI Crude Oil market has, and therefore I think you need to look at this through this very same prism. We are range bound at that moment, and I think that will continue to be the case going forward. Currently, the $70 level underneath seems to be the bottom of the overall range, and I do think that it will be defended vigorously.

On the upside, somewhere around $77.50 is the beginning of massive resistance that I suspect extends all the way to the $80 level. That being said, it doesn’t necessarily mean that it’s going to be like a brick wall, it probably will breathe a bit here and there, as markets try to sort themselves out. With this, it may only be a matter of time before we see reversals, and I do think that we probably stay in this overall range during the summer.

If you have a good range bound system, this might be the market for you as it seems to be so stubbornly tight at this moment. However, if we get some type of daily close outside of the range, I suspect that we will see some type of big move, perhaps in the realm of $10 or so.

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