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

Crude Oil Prices Forecast Video for 24.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied during the trading session on Friday, as it looks like we are threatening the 200 day EMA. All things being equal, if we can break above the 200 day EMA, then it opens up a bigger move to the upside, perhaps the WTI market going to the $80 level. However, we have seen the market trade back and forth between the 200 day EMA and the 50 day EMA for a while now, and it’s difficult to imagine the people will be risking a ton of money heading into the weekend.

The $75 level underneath could offer a certain amount of support, and I think that the market will probably continue to see that as important. If we break down below there, then we can threaten the 50 day EMA, but I just don’t see the market breaking out of this range in the short term, although there are a lot of different crosswinds out there when it comes to the crude oil market.

Brent Crude Oil Technical Analysis

Brent has shown itself to be bullish as well, hanging around the $80 level. The $80 level is an area where a lot of people will be paying close attention due to the psychology of it, but just like the WTI market, we are trading back and forth around the 50 day EMA underneath and the 200 day EMA above. If we were to break above the 200 day EMA, and it allows Brent to go look into the $85 level.

All things being equal, I think what we need to pay close attention to is the fact that the global economy seems to be slowing down, and it does suggest that the price of oil would be somewhat lackluster. However, the OPEC production cuts recently have put upward pressure on oil markets. I think we continue to see volatility due to these 2 competing factors, and therefore remaining range bound makes the most sense. This is especially true as we head into the weekend, so I anticipate that most traders will be waiting for a breakout of these 2 moving averages in order to place a trade in one direction or the other.

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