Crude Oil Price Forecast – Crude Oil Markets Threaten a Breakout

Crude Oil Prices Forecast Video for 28.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Thursday, as it looks like we are trying to break above the $80 level. At this point, it could open up a move to the $82.50 level, and the fact that we are above the 200-Day EMA will have a certain amount of traders out there buying it just because it technically defines it as being in an uptrend. Pullbacks at this point in time could open up buying opportunities, especially near that 200-Day EMA, so pay close attention to that indicator.

It’s also worth noting that we had recently been forming a massive bullish flag, and therefore a lot of technical traders will have gotten along already. The market technically could see as high as $87 based on that flag, and at this point it would not be overly surprising to see that happen.

Brent Crude Oil Technical Analysis

Brent markets also have rallied, banging against the $83.50 level. Brent is sitting just above the 200-Day EMA, so it may not be as bullish, but it still shows the same attitude. Because of this, I like the idea of Brent being a “makeup trade”, as it tries to catch up with the WTI market. Nonetheless, I think short-term pullbacks continue to be buying opportunities in this market, and I think that the 50-Day EMA and the $80 level both will come into the picture and offer an opportunity to pick up a better value. I have no interest in shorting crude oil at the moment, but I will keep you up-to-date as to any changes. If we were to break down below the 50-Day EMA, then it’s possible that we could see further selling, but right now I think it looks like the buyers are starting to pay more attention to the OPEC production cuts more than anything else.

That being said, a little bit of patience probably goes a long way at this point, as you look for value in a market that is obviously very bullish. According to the Brent market bullish flag that we just broke out of, we could see a move all the way to the $92 level.

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