Crude Oil Price Forecast – Crude Oil Markets Test Support

Crude Oil Prices Forecast Video for 29.06.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Wednesday, as we continue to see a lot of noise in general. The $67.50 level is an area that we’ve seen support previously, that extends down to the $65 level. Because of this, it would not be very surprising to see a little bit of a bounce here, but I would not hold on to that trade for very long. I think a short-term trade might be possible, but the 50-Day EMA and then of course the $70 level between here and there. All things being equal, I think a short-term bounce does make a certain amount of sense, but the market has so much in the way of overhead noise that I think we remain range bound. This is especially true considering that we have been dancing around in what could end up being the “summer range.”

Brent Crude Oil Technical Analysis

Brent markets have also found a bit of support underneath, near the $72 level. It extends all the way down to the $70 level, and I think at this point, Brent is probably going to attract a certain amount of attention. I think that traders will more likely than not try to figure out whether or not we are going to stay in this range, or if we will finally break down below the $70 level. Breaking down below the $70 level would of course be a very negative turn of events, but right now I think we probably have enough interest and of course enough upward pressure due to the fact that the OPEC countries have chosen to cut back some of the production. However, on the other hand, we have a lack of global demand being a major overhang on the market as well, as we have seen the global economy slow down.

Because of this, we should continue to see a lot of “push/pull” trading going forward, and therefore I think we stay range bound at this point in time. With that in mind, I am using short-term back-and-forth type of trades as a way to build up a little bit of income.

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