Crude Oil Price Forecast – Crude Oil Markets Pulled Back

Crude Oil Prices Forecast Video for 27.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back just a bit during the trading session on Wednesday, as we may have gotten a little overstretched. Nonetheless, this is a market that still looks very bullish, and the 200-Day EMA being broken to the upside opens up the possibility of a sustained rally given enough time, but if we pull back to the 50-Day EMA, it’s likely that technical traders will get involved.

All things being equal, this is a market that I think it will eventually find buyers on a pullback, as it looks like traders are starting to focus on the OPEC cuts more than anything else, so that being said, the market is likely to continue to see a lot of upward pressure over the longer term. That doesn’t necessarily mean that the market is going to be straight up in the air and I do think that it is probably only a matter of time before you would have short-term pullbacks coming into the market to offer a bit of value. I don’t have any interest in shorting this market right now, but if we were to break down below the $75 level you could start to make a bit of an argument for that.

Brent Crude Oil Technical Analysis

Brent markets also have seen a little bit of negativity, as we are sitting just above the 200-Day EMA. The 200-Day EMA is an indicator that a lot of people will be paying attention to, and of course the Brent market will move along with the WTI Crude Oil market. In general, this is a market that continues to see a lot of choppy and noisy behavior, but I do think that it is probably only a matter of time before the buyers try to push the Brent market toward the $85 level. If we can break above there, then we can see a lot of momentum as spell mode trading would be significant. Underneath, the market breaking below the $80 level could open up quite a bit of potential selling in general. That being said, those production cuts seem to be taking over.

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