Crude Oil Price Forecast – Crude Oil Markets Continue to See Noisy Behavior

Crude Oil Prices Forecast Video for 08.06.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Wednesday, as we continue to see a lot of noisy behavior. Ultimately, the 50-Day EMA above offers a significant amount of resistance, and therefore if we were to break above there, I think a lot of people will pay close attention to it reaching toward the $75 level. If we were to break above the $75 level, then it opens up an opportunity to send this market much higher.

On the move higher, I anticipate that the 200-Day EMA might be a target, and therefore I would pay very close attention to it on a breakout to the upside. On the other hand, if we were to turn around a breakdown below the $70 level, that can send the market down to the $67.50 level.

Brent Crude Oil (UK) Technical Analysis

Brent markets have gone back and forth during the session on Wednesday, as we continue to see a lot of noisy behavior. Just like the WTI market, we are near the 50-Day EMA, and I think a lot of people will be paying close attention to it. With that being the case, I think we have to look at this as a very choppy market just waiting to happen, and therefore I think we’ve got a situation where you have to wait until we see a bigger move.

Underneath, the $75 level is an area that I think you see a lot of support at, and therefore I think a lot of people will be paying close attention to that as a potential opening for lower pricing. If we breakdown below $75, then I think $72 is very likely going to be targeted.

On the other hand, if we break above the $80 level, then it’s likely that we go looking to the 200-Day EMA, which is closer to the $84 level. While I do think we see a lot of volatility in the oil market just waiting to happen, I think it’s very important that you keep your position size reasonable, mainly due to the fact that you could find yourself in serious trouble rather quickly if you are not careful.

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