Crude Oil Price Forecast – Crude Oil Markets Find Buyers on Dips

Crude Oil Prices Forecast Video for 15.05.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market fell initially during the trading session on Friday, reaching down towards the $70 level, which is a large, round, psychologically significant figure and an area where we would see a lot of interest. We have seen buyers step back into the market, and therefore they are trying to continue to step in and pick up value. At this point, a lot of things are going on at the same time that could cause issues in the oil market, not the least of which would be concerns about global demand.

Ultimately, this market will continue to be very noisy, and therefore you need to be cautious with your position size. The 50-Day EMA sits above the $70.25 level and is dropping. That’s an area that I do think, given enough time, will offer significant resistance, and therefore I think we’ve got a situation where there might be a somewhat limited upside. On the other hand, if we were to turn around and break down below the bottom of the candlestick for Friday, it would open up a move down to the $67.50 level.

Brent Crude Oil (UK) Technical Analysis

Brent initially fell as well, showing signs of negativity, piercing the $75 level. The $75 level of course is a large, round, psychologically significant figure, and an area that a lot of people will be paying close attention to. The market looks as if it is trying to bounce toward the $77.50 level, which is an area that we have seen a little bit of resistance recently. If we can break above there, then the 50-Day EMA becomes a potential target. On the other hand, the market breaking down below the bottom of the candlestick opens up the possibility of a move down to the $70 level. Ultimately, this is a market that will continue to be noisy and will move back and forth with the idea of whether or not there is going to be enough global demand out there in what looks to be like a slowing economy worldwide.

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