Crude Oil Price Forecast – Crude Oil Markets Turned Back Around

Crude Oil Prices Forecast Video for 26.04.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market fell a bit during the trading session on Tuesday, as we continue to see a lot of volatility. Ultimately, this is a market that I think will continue to be very noisy, and therefore you need to pay close attention to geopolitical issues and of course the idea of global growth or demand destruction. After all, OPEC recently cut production rates, but at the end of the day, they are doing it because they are concerned about global demand.

Just above, we have the 200-Day EMA near the $81.67 level and that should be thought of as a short-term ceiling just above. If we were to break above the $83.50 level, then the buyers could start to take control. That being said, I think it would take a lot of work to make that happen.

Brent Crude Oil Technical Analysis

Brent markets also have fallen a bit during the trading session as it looks like the 50-Day EMA has offered a short-term ceiling. Ultimately, the $80 level underneath continues to be a psychologically important support level, so if we were to break down below there, then I think you have the opportunity for the market to start falling down toward the $75 level.

On the other hand, if we can break above the 200-Day EMA at the $86.75 area, then we could take off to the upside for a move. That being said, I don’t think we break above there easily, but if we did you would have to pay close attention to the idea of a massive breakout, and it could become a bit of a “buy-and-hold” type of market. That doesn’t seem to be likely, but it is something worth paying attention to.

Remember, OPEC cut production and one would have to assume a lot of it comes down to them seeing something very bad for the market. With that being the case, we have to look at this through the prism of a market that probably is going to be more noisy than anything else.

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