Crude Oil Price Forecast – Crude Oil Markets Pause

Crude Oil Prices Forecast Video for 14.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market found itself a bit overstretched during the trading session on Thursday, as we broke above the $75 level during the previous session. That being said, the 200-Day EMA just above should offer quite a bit of resistance. As long as we can remain somewhat resilient, the market may simply go sideways and work off some of the froth. If we break above the 200-Day EMA, then it opens up the possibility of a move to the $80 level.

If we break down below the $75 level, then the market will go looking to the 50-Day EMA for support. The 50-Day EMA is near the $72.50 level, and therefore it’s possible that we may see a lot of interest in that area. As we are trading between the 50-Day EMA and the 200-Day EMA indicators, we will see quite a bit of choppy volatility.

Brent Crude Oil Technical Analysis

Brent markets have paused a bit during the trading session on Thursday, as it looks like we are struggling with the idea of staying above the $80 level. The $80 level of course is a large, round, psychologically significant figure, and it’s also possible that the markets may have to work off some of the froth that we have seen over the last couple of weeks. Ultimately, this is a situation where the market will continue to see a lot of noisy behavior, but I think in the meantime we simply hover around the $80 level while we try to sort out where we go next.

In general, this is a market that I think will continue to be very noisy, and the next couple of days could be more in the form of consolidation than anything else as we work off some of that froth. Whether or not we see any type of bid to reenter the market remains to be seen, but ultimately this is a market that needs to pull back just a bit in order to offer any type of value in the short term. That being said, if and when we break above the 200-Day EMA in either of these markets, we will see a lot of follow-through.

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