Crude Oil Price Forecast – Crude Oil Markets Drop as Consolidation Continues

Crude Oil Prices Forecast Video for 09.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Wednesday, as we continue to see a lot of back and forth in the crude oil market. The West Texas Intermediate Crude Oil market has been very back and forth for quite some time, and I just don’t see that changing anytime soon. The 50-Day EMA sits just above, offering a significant amount of resistance.

Underneath, the $72.50 level could offer a significant amount of support as it has multiple times in the past, extending down to the $70 level at the moment. On the other hand, the $82.50 level above is a significant resistance barrier, extending to the 200-Day EMA just above. Ultimately, this is a market that I think continues to see a lot of back-and-forth noisy behavior, as we tried to sort out whether or not the global economy is going to start growing, or if it is in serious trouble and demand for crude oil will start dropping again.

Brent Crude Oil Technical Analysis

Brent markets also have fallen during the day, as we continue to see a lot of noisy behavior in this market as well. The 50-Day EMA sits just above and is probably worth noting that the Brent market has a significant amount of support near the $77.50 level, as well as significant resistance at the $89 level. In fact, the $89 level also features the 200-Day EMA, which of course is a major technical indicator that a lot of longer-term players will get involved in.

That being said, we are essentially in the middle of the overall consolidation region, and therefore I don’t read too much into this other than it being a sideways market as we try to determine what the demand for Brent will be. With all this being said, I would anticipate that things will continue to be very choppy and noisy, so if you are going to be trading this, then it’s probably best to look at this through the prism of a range bound system, at least until the market breaks out of this massive rectangle that the market has found itself in over the last several months.

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