Crude Oil Price Forecast – Crude Oil Markets Stabilize

Crude Oil Prices Forecast Video for 17.08.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be stable during the trading session on Wednesday, as the $80 level underneath seems to be offering a bit of psychological support. Furthermore, the 50-Day EMA is getting ready to break above the 200-Day EMA, which of course sets up the “golden cross” signal that some technical traders pay close attention to.

The recent pullback from the $85 level makes a certain amount of sense, as we have seen the market pay attention to it previously, and of course there is a lot of psychology attached to these big figures. If we can break above there, then it’s likely that the market could go looking to the $90 level. In general, I think this is a scenario where the 200-Day EMA comes into the picture to offer a “floor the market.”

Brent Crude Oil Technical Analysis

The Brent market also pulled back a bit early during the session, but it looks like it’s going to turn around and show signs of life again. By doing so, the market is likely to continue to see a lot of choppy behavior, but with more or less an upward trajectory. I think eventually, we will try to take out the $87.50 level, which opens up a move to the $90 level above there. Underneath, we have the 200-Day EMA near the $82.60 level, and I think at that point in time we have a little bit of a floor in the market.

The Brent market, much like the WTI Crude Oil market, is getting close to forming a “golden cross” as well, it does make a certain amount of sense that we would continue to see stickiness when it comes to price, due to the fact that OPEC has been cutting production, and Saudi Arabia has been so serious about it that it has voluntarily cut 1 million barrels per day of production to keep prices elevated. At this point, it’s not so much a matter of demand, it’s probably more or less going to be a matter of supply when it comes to the crude oil market. All things being equal, expect a lot of noisy behavior.

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