Crude Oil Price Forecast – Crude Oil Markets Pulled Back Slightly

Crude Oil Prices Forecast Video for 23.08.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen just a bit during the trading session on Tuesday, as it looks like we are going to continue to consolidate just above the 200-Day EMA, which also has the 50-Day EMA sitting just below it. All things being equal, these moving averages will attract a certain amount of attention, and now it looks like we are going to continue to see a lot of questions asked about the market in this area.

The shooting star that formed on Monday is of course a slightly ominous sign, but if we were to break above that candlestick, it opens up the oil market for a move all the way to the $85 level. On the other hand, if we break down below those moving averages, the market could very well drop down to the $75 level underneath. Keep in mind that the oil markets are getting a significant amount of noise throne added due to the OPEC countries choosing to cut back on production.

Brent Crude Oil Technical Analysis

Brent markets have also seen a little bit of negativity during the trading session on Tuesday, but we have also seen the market turn around and show signs of life. The 200-Day EMA underneath continues to offer support, right along with the 50-Day EMA, an indicator that has its own technical and psychological influence. All things being equal, this is a market that I think is trying to get to the $90 region above, but I don’t know whether or not it happens this time, or if we do have to pull back even further.

Keep in mind that a lot of people will be paying attention to the US dollar as well, as it has a bit of a negative correlation at times. Ultimately, this is a situation where you think you’ve got to look at this through the prism of more consolidation than anything else, but pay close attention to those moving averages, and therefore it’s likely that we continue to see a lot of noise around those levels if we continue to see downward pressure.

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