Crude Oil Price Forecast – Crude Oil Markets Stabilize on Thursday

Crude Oil Prices Forecast Video for 04.08.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be somewhat stabilized during the day on Thursday, as the market had previously been so negative during the Wednesday session. Alternatively, this is a situation where we are trying to figure out whether or not the market can sort out whether it’s going to stay in an uptrend, or if that massive candlestick during the day on Wednesday meant something more ominous.

At this point, the market is starting to focus on whether or not the OPEC production cuts are going to continue to be a major issue, or whether or not people are worried about the economy. You should also keep an eye on the fact that the 200-Day EMA sits just below, and it will more likely than not offer support as well.

Brent Crude Oil Technical Analysis

Brent markets initially fell as well but at this point it certainly looks like we are going to have a go of it. Furthermore, you need to pay close attention to the fact that the 200-Day EMA has offered a certain amount of support and ended up forming a hammer like candlestick. Whether or not we can hang on to this area remains to be seen, but at this point in time I think you get a situation where the markets are going to have to look at the jobs figure on Friday, which also will have a major influence on the US dollar, which in turn will have its own effect on the crude oil market and of course the idea as to whether or not we are going to see a lot of demand if employment demands it going forward.

Underneath, the 50-Day EMA is likely to continue to see a lot of support there as well, but as we have seen such a huge flow to the upside recently, it does make a certain amount of sense that this pullback happened. I suspect that until we get the jobs number, we may see a bit of consolidation so I’m not looking for much, but I think that even though the market sold off roughly as it did on Wednesday, I’m not necessarily sure that anything change.

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