Crude Oil Price Forecast – Crude Oil Markets Give Up Early Gains

Crude Oil Prices Forecast Video for 21.08.23

WTI Crude Oil Technical Analysis

The West Texas Intimated Crude Oil market has initially tried to rally a bit during the trading session on Friday, testing the $80 level. That being said, the market did give back these gains and it looks like we are going to pull back a bit. The 200-Day EMA underneath will offer a certain amount of support, and I do think a lot of people will pay close attention to it. What I find interesting is that the 50-Day EMA is starting a race toward that area, and therefore I think we could get ready to see a “golden cross” appear.

The $80 level of course is an area that a lot of people will be paying close attention to, and if we can break above the top of the candlesticks of the last couple of sessions, then it opens up the possibility of a move to the $85 level. On the other hand, if we were to break down below the bottom of the moving averages just below, then it opens up the possibility of a move down to the $75 level.

Brent Crude Oil Technical Analysis

Brent markets have initially tried to rally a bit during the trading session, threatening the $85 level before showing signs of hesitation. Just like the WTI Crude Oil market, Brent also has the 200-Day EMA and the 50-Day EMA underneath. All things being equal, a lot of people are going to be a bit hesitant to get aggressive, but at the end of the day, there are a lot of different crosswinds coming into the picture.

Ultimately, it looks like we are forming a couple of inverted hammers, so it does suggest that perhaps the market is going to hesitate a bit, or perhaps even that we are going sideways. Ultimately, this is a market that is paying close attention to the production cuts coming out of Saudi Arabia, as they are presently withholding 1 million barrels per day from the market. Underneath, if we were to break down below the $80 level, that could unwind the entire market move. Expect a lot of volatility, and keep your position size reasonable.

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