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

Crude Oil Prices Forecast Video for 06.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially rallied a bit during the trading session on Friday, but turned around at the 50-Day EMA to show negativity. All things being equal, the 50-Day EMA is an indicator that a lot of people will pay close attention to, as it is a widely followed technical indicator. If we were to break above the 50-Day EMA, then the market is likely to continue to see a lot of bullish pressure, perhaps opening up the possibility of a move to the $85 level. If we were to break above the $85 level, then it’s possible that the market could go looking to the $90 level. The question now is whether or not we have enough momentum to continue going higher. Or whether or not we have just finished a potential “double bottom.”

Underneath, the 200-Day EMA is reaching toward the $80 level, and I think that will be a major support level. All things being equal, this is market that I think continues to be very noisy, but I think that we have a situation where it’s more likely than not that we eventually find buyers.

Brent Crude Oil Technical Analysis

Brent markets rallied significantly during the trading session on Friday, but then gave back gains at the 50-Day EMA as well. We are currently trading between the 50-Day EMA and the 200-Day EMA indicators, and that of course is an area where you see a lot of noise in general.

The $85 level underneath is a large, round, psychologically significant figure, and an area where we have seen support and resistance previously. That being said, I think this is a market that may have just formed a double bottom, and I do think that it has an easier route higher than lower, but we have to follow what the market does, not what it should be doing.

If we break above the 50-Day EMA, then we will have to look at the $90 level, and then possibly the $92.50 level. In general, I think you continue to see a lot of volatility but short-term sideways trading more than anything else, so if you are a short term consolidation trader, this could be a good market like.

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