Crude Oil Price Forecast – Crude Oil Markets Stagnate

Crude Oil Prices Forecast Video for 26.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market did pull back just a bit during the trading session on Tuesday, as we are hanging around above the 200-Day EMA. This is an area that a lot of people will be paying close attention to, especially as we are trying to figure out whether or not we are ready to continue going higher. The $80 level above is a large, round, psychologically significant figure, and therefore I think you need to be cautious. If we break down below the 200-Day EMA, then we could go looking to the $75 level underneath. Either way, I think we are going to see a lot of noisy behavior.

Brent Crude Oil Technical Analysis

Brent markets are dancing around the 200-Day EMA, which of course is a technical indicator that a lot of people pay close attention to. With this being the case, I think you got a situation where the market will continue to be very noisy but given enough time we have to make some type of bigger decision. It appears that the OPEC production cuts are starting to spook the market, so I do think that it is probably only a matter of time before the buyers really start to take off. In fact, when you look at the price action recently, you can see that the market formed a bullish flag, and now has broken above there.

If that does work out, it’s possible that we could go looking to the $90 level above, but at this point I think we have a lot of volatility ahead of us, so therefore you need to be cautious about your position sizing. Nonetheless, it looks like we are nowhere near some type of bearish market, so I think a pullback offers value that a lot of people will be interested in. This being the case, I think we have a situation where you are looking for a bit of value. Underneath, the 50-Day EMA will be your “floor in the market” and therefore could be looked at as extraordinarily important going forward.

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