Crude Oil Price Forecast – Crude Oil Markets test 200-Day EMA

Crude Oil Prices Forecast Video for 17.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back a bit from the 200-Day EMA, an area where a lot of technical traders will pay close attention. The fact that we pull back from here should not be a huge surprise, but with that being said, the market also has quite a bit of interest to be paid at the $75 level. The $75 level was the previous resistance barrier from a massive rectangle.

Considering that the market has broken above that level suggests that the $75 level now ends up offering a short-term floor in the market, and it’s probably worth noting that the “measured move” suggests that crude oil could go all the way to the $82.50 level. That is an area that previously had been resistance as well, so it all ties together quite nicely in the charts.

Brent Crude Oil Technical Analysis

Brent markets have pulled back as well, shying away from the 200-Day EMA also. Underneath, we have the $80 level that could offer a bit of support, and then after that we have the 50-Day EMA which is closer to the $77 level. As we are between the 200-Day EMA and the 50-Day EMA indicators, it makes quite a bit of sense that we would see volatility. Furthermore, there are a lot of questions out there as to whether or not the markets are going to see enough demand, as the global growth situation is tenuous to say the least. At the same time, we have OPEC doing everything they can to drive down supply, so that’s part of what we have seen over the last couple of weeks.

The “measured move” of the consolidation that we had broken out of suggests that this market could go as high as $87.50 level, which was also the latest swing high in this grade of crude, just like you are seeing the technical pattern set up in the WTI market. At this point, it looks like we are a little overdone, but that overdone market pulling back could give you an opportunity to pick up a little bit of value if we do pull back and show signs of support.

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