Crude Oil Price Forecast – Crude Oil Markets Were Quiet During the Negative Monday Session

Crude Oil Prices Forecast Video for 27.06.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market pulled back during the Monday trading session but still sees a lot of support. After all, the Friday candlestick was a nice-looking hammer, which suggests that the bottom will still continue to hold underneath. That means the area between the $76.50 and $65 levels should continue to have a certain amount of demand. Whether or not we can hold that demand remains to be seen, but so far, it has, and therefore you have to assume it will on the next attempt to break through it.

If we break above the $70 level, then it’s likely that we could go looking to the 50-Day EMA, hanging around in the $72 level. If we can break above there, then it’s possible that we could see $75 above being targeted. I do believe that $75 will be almost impossible to break through anytime soon, without some type of major shock to the system. Ultimately, I think this is a situation where we are still consolidating.

Brent Crude Oil (UK) Technical Analysis

Brent markets also initially tried to rally during the trading session on Monday but then turned around to dig back into the hammer from the Friday session. All things being equal, this market has a little bit of “fair value” found near the $75 level. The 50-Day EMA above is sitting at the top of the short-term range, but the market could find itself going all the way up to the $80 level without changing much.

Keep in mind that the market has been very noisy as of late and, of course, has had a lot of things to worry about. OPEC will almost certainly do whatever it can to keep a bit of a floor in the market, but at the same time, there are a lot of concerns about the global economy and whether or not demand will be enough to push prices higher. Furthermore, you have the Biden Administration in the United States releasing its Strategic Petroleum Reserve yet again during the previous week to try to keep prices low. However, they will eventually have to turn around and start buying crude oil.

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