Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Threaten a Breakout

Crude Oil Prices Forecast Video for 31.07.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied significantly during the trading week, and it looks like we are going to continue to see the $80 level offer a significant amount of resistance. By doing so, if we can break out above that level, then it’s likely that the market is looking to the $95 level over the longer term. On the other hand, if we turn around and pull back, it’s likely that the 200-Week EMA will offer a significant amount of support near the $73.31 level.

The markets have been very noisy, and of course there has been the massive noise coming out of the OPEC production cuts, which of course has a major influence on what happens next. In general, I think this is a situation where the markets will have to pay close attention to demand and of course the US dollar as it has a negative correlation at times, but we are at the top of the range so it will be interesting to see how this plays out.

Brent Crude Oil Technical Analysis

Brent also finds itself testing resistance, but in this situation, it’s testing the 50-Week EMA. Above there, we have the $85 level which also offers a lot of resistance, so it’ll be interesting to see how that plays out. If we can clear the $85 level, perhaps we could go a bit higher, but right now Brent looks like it’s probably more likely than not going to see a little bit of a pullback. I believe that the 200-Week EMA underneath will continue to offer support near the $77.67 level.

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