Crude Oil Price Forecast – Crude Oil Markets Attempt to Recover on Friday

Crude Oil Prices Forecast Video for 29.05.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market has rallied slightly on Friday, to show resiliency after selling off hard on Thursday. Ultimately, this is a market that I think is going to go looking toward the 50-Day EMA above, which is close to the $74.50 region. Keep in mind that crude oil is still in the state of flux, as we are trying to figure out whether or not industrial demand will pick up, or if it is going to slow down. Ultimately, this is a market that also looks at the $70 level underneath as potential support, so I think we may have a little bit of short-term bullishness.

However, it’s worth noting that we are heading into an economic slowdown, and therefore it’s likely that we will continue to see a lack of demand for crude oil so that puts a little bit of a lid on the market. In other words, although we could rally from here, I think it is going to be a stretch to say that the market will break above the top of the range on the chart.

Brent Crude Oil (UK) Technical Analysis

Brent markets also have recovered just a bit during the trading session on Friday, as it looks like we are going to try to reach the 50-Day EMA above as well, but I think it’s probably only a matter time before we see a little bit of resistance, if not there, at the $80 level. Breaking above the $80 level opens up the possibility of a move to the 200-Day EMA, which is sitting right around the $85 level. Above there, the $87.50 level is a significant resistance barrier, and therefore I think it’s probably the top of the overall summer range that we are more likely than not going to be paying close attention to.

On the downside, if the market were to fall from here, the $75 level could open up a potential support level. The $75 level underneath could open up the possibility of a move down to $70, but I think it’s very unlikely that the market will be able to break down below there anytime soon.

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