Crude Oil Price Forecast – Crude Oil Markets Slowing Down

WTI Crude Oil

The West Texas Intermediate Crude Oil market has shown itself to be bullish again during the trading session on Thursday but has given back some of the gains to show signs of exhaustion. At this point, we are sitting right at the 50 day EMA and just above the $70 level, but it is worth noting that we are hanging around the top of that massive negative candlestick on Monday, an area where you would expect to see a lot of selling pressure. If we can break above there, then we may go looking towards the $75 level, which is the next large, round, psychologically significant figure. If we break down below the $70 level, then it is likely we will drop from here.

Crude Oil Video 23.07.21

Brent

Brent markets also have rallied a bit during the trading session on Thursday, as we are reaching towards the bottom of the previous uptrend line. At this point time, the markets are probably running out of steam, so that we have seen see how this plays out. At this point time, the market is likely to see a bit of hesitation, but if we can break above the previous uptrend line then we will more than likely go looking towards the $75 level, and possibly even higher than that.

In general, this is a market that I think shows a lot of noisy behavior, and therefore I believe at this point in time it is going to be difficult to simply hold on to this position if you are to the long side, and obviously would not put a big position on at any point in time in the near term.

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