Crude Oil Price Forecast – Crude Oil Markets Have Quiet Thursday

Crude Oil Prices Forecast Video for 30.06.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has found itself to be somewhat quiet during the trading session on Thursday, as we continue to see a lot of noisy behavior overall. That being said, I think we got a situation where the market is probably going to have to pay close attention to the idea of what happens next, due to the fact that there are a lot of questions about the overall global economy. Remember, the crude oil demand is a question that a lot of people are looking at right now. After all, the markets have seen a lot of concerns when it comes to whether or not we are going to see an overall slowdown globally, and if we do, that obviously is a very negative turn of events. As things stand right now, I think we are going sideways more than anything else.

Brent Crude Oil Technical Analysis

Brent markets also have a very sideways attitude to them, with the $70 level underneath being important. At this point, it looks like we’re going sideways as well, and just like in the WTI Crude Oil market, we have the 50-Day EMA above offering significant resistance. Because of this, I think it’s probably only a matter of time before we see a little bit of hesitation. That hesitation is just going to keep the market in a bit of a range, which is exactly what I expect to see. If we break down below the $70 level, then it’s likely that we could see a further drop, but I don’t see that happening anytime soon.

In general, I believe that oil is sitting in its “summer range” as it tends to do most years. As long as that is the case, if you have a short-term range bound trading system, you can perhaps use short-term charts to go back and forth. However, if we were to break out of the overall consolidation area that we are in at the moment, I anticipate that we probably have a scenario where $10 moves could be coming down the road. Either way, keep her position size reasonable and do not expect too much in this market at the moment.

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