Crude Oil Price Forecast – Crude Oil Markets Struggle With Resistance

Crude Oil Prices Forecast Video for 18.04.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market continues to sit around the 200-Day EMA, and therefore I think it looks like a market that’s trying to figure out where wants to go next. Keep in mind that we have a big gap underneath that still needs to be filled, right around the $75 level. The 50-Day EMA sets right around the $77.12 level and is rising. I think given enough time we will get a bit of a pullback, simply because a lot of traders are sitting on nice gains that they would like to book sometime soon, especially if the market is not going to pick up more momentum.

This is not to say that we are going to turn around and collapse, it’s just that we have jumped and now have to look around the world and see whether or not demand is going to pick up. Just because OPEC decided to cut 1.6 million barrels per day from production does not necessarily mean that oil is going to be in demand with what looks to be like a global recession setting in, because of this, it’s very likely that we need to pullback in order to find enough buyers to pick up the market again.

Brent Crude Oil (UK) Technical Analysis

The Brent Crude Oil market pulled back just a bit during the trading session on Monday, as it looks like the 200-Day EMA just above is going to continue to cause some issues. Ultimately, there is a gap underneath it needs to be filled, but we also have the 50-Day EMA in that same general vicinity. The 50-Day EMA is set right around the $82.50 level, an area that has been important in the past, and then of course you have the $80 level being the support level from itself. I do think that we probably pull back and try to fill that gap, especially as people start to come to grips with the idea that crude oil being cut back as far as production is concerned is because of economic issues, and therefore demand could be a serious concern.

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