Crude Oil Price Forecast – Crude Continues to See Slight Pressure

Crude Oil Prices Forecast Video for 09.06.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market has experienced fluctuating movements during the trading session on Thursday, displaying considerable volatility. The crucial 50-Day Exponential Moving Average (EMA) positioned above acts as a significant resistance level. Therefore, if a breakthrough above this level occurs, it will undoubtedly capture the attention of numerous market participants, potentially propelling the market toward the $75 threshold. Surpassing the $75 level would create an opportunity for further upward momentum, fostering the potential for substantial market gains.

As the market advances, it is prudent to anticipate that the 200-Day EMA might emerge as a key target. Consequently, it is imperative to closely monitor any breakout to the upside, paying particular attention to the behavior of the 200-Day EMA. Conversely, in the event of a downturn, breaching the $70 level could instigate a decline toward the $67.50 level.

Brent Crude Oil (UK) Technical Analysis

Similar to the WTI market, Brent markets exhibited back-and-forth price movements during the Thursday session, characterized by heightened volatility. As with WTI, the 50-Day EMA assumes significance, attracting considerable attention from market participants. Consequently, we find ourselves in a situation where the market appears choppy, poised for a substantial move that will determine its future trajectory. In such circumstances, it is advisable to exercise patience and await a more pronounced price action.

Beneath the market’s current position, the $75 level is expected to provide substantial support, thus capturing the attention of numerous participants who view it as a potential entry point for lower-priced positions. Should a breakdown occur below the $75 level, it is highly likely that the market will target the $72 level.

Conversely, if a breakthrough beyond the $80 level materializes, it is probable that the market will aim for the 200-Day EMA, which resides near the $84 level. While volatility remains a prevalent characteristic of the oil market, it is crucial to adopt a measured approach in terms of position sizing. The potential for significant losses within a short span underscores the importance of exercising caution and prudence in navigating the market.

At the end of the day, both the WTI Crude Oil and Brent markets demonstrated a volatile and indecisive nature during Thursday’s trading session. The 50-Day EMA served as a critical level to monitor, with a breakthrough above signaling potential for upward movement, while a breakdown below indicating the possibility of lower prices. It is essential for market participants to remain vigilant, assessing price action and maintaining appropriate position sizes to mitigate risks inherent in this dynamic market environment.

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