Crude Oil Price Forecast – Crude Oil Markets Showing Signs of Stability

Crude Oil Prices Forecast Video for 06.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market plunged significantly during the trading session on Thursday, as we continue to see negativity in the market. Because of this, the market has tested the $83 level, but we have also bounced early in the session, suggesting that perhaps the value hunters are coming in. After all, the supply/demand equation continues to favor the upside. Alternatively, if we break above the 50-Day EMA, then it allows the market to truly try to recover, and I do think that that will happen eventually. After all, Russia and Saudi Arabia both are keeping their cuts in place until at least until the end of the year. Because of this, it’s only a matter of time before the markets rallied.

That being said, if we do break down below the bottom of the candlestick during the session on Thursday, then the market will almost certainly go looking to the 200-Day EMA, and therefore it’s likely that longer-term traders would be paying close attention to that.

Brent Crude Oil Technical Analysis

Brent fell as well and is in fact testing the 200-Day EMA. We are hanging around the $85 level, which of course is a large, round, psychologically significant figure, and is also where we see the 200-Day EMA hangs about. All things being equal, it looks like we could get a little bit of a bounce, and if we do break above the top of the candlestick, then it’s likely that we could go look into the $90 level. The $90 level course is a large, round, psychologically significant figure, and is where we sold off drastically.

Nonetheless, I think this is a situation where the market still has a lot of noise in it, and of course we have the jobs number coming out on Friday. This obviously will cause a lot of headaches, as the bond markets will be all over the place, the US dollar will be all over the place, and then of course people will start questioning whether or not there is enough demand out there to keep prices elevated. That being said, we have sold us so drastically I’m expecting a bounce sooner or later.

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