Crude Oil Price Forecast – Crude Oil Markets Hanging Around Major Support

Crude Oil Prices Forecast Video for 07.11.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market has had a slightly positive open to the day, as Monday finds the market hanging around the 200-Day EMA, a very important technical indicator. We have been going back and forth for some time now, and it does make a certain amount of sense that the market has to digest the entire situation here.

Underneath, we have the $80 level which of course is going to be a large, round, psychologically significant figure that a lot of people will be paying close attention to. With this, I think you’ve got to consider that to be a little bit of a “floor in the market”, where a lot of buyers will be hanging about. If we were to break down below there, then the market could drop down to the $77.50 level, an area that a lot of people will be paying close attention to, as it was a swing low back in late August. On the upside, if we can break above the highs of the last week, then it’s likely that we will go looking to $85, possibly even higher than that.

Brent Crude Oil (UK) Technical Analysis

Brent markets have rallied a bit from the crucial $85 level, and the 200-Day EMA. The market is hanging around between the 200-Day EMA and of course the 50-Day EMA indicators, which typically means that you are going to see a bit of volatility. If we can break above the 50-Day EMA, then the market is likely to go looking to the $90 level, which is an area where we have seen a lot of support and resistance in the past.

On the other hand, if we were to break down below the recent lows, then it opens up a move to the $82.50 level, and then eventually the $80 level. That obviously would be very bearish and would move right along with the WTI Crude Oil market. There are a lot of concerns out there right now about the next move, due to the fact that it could be driven by geopolitical tensions, or it could just as easily be driven by the fact that the economy is crumbling. Take your pick because it can go either way.

For a look at all of today’s economic events, check out our economic calendar.