Crude Oil Price Forecast – Crude Oil Markets Get Hammered Again

Crude Oil Prices Forecast Video for 26.06.23

WTI Crude Oil (US) Technical Analysis

The WTI Crude Oil market fell rather significantly during the trading session on Friday, as it looks like we are getting ready to head down toward the $65 level. The $65 level is an area that has been important for quite some time, and therefore, it makes sense that we would have buyers in that region. That level could be a nice buying opportunity, and on signs of support and a bounce, I am more than willing to buy oil, at least for a short-term trade. I would not get married to the position, but it still looks like we are in some summer range.

Ultimately, there are a lot of questions about the global growth situation, and of course, OPEC is doing everything it can to lift pricing due to the pricing cuts. That being said, I don’t see that anything has changed, but if we do close below the $65 level, then it is likely that we could go down to the $62.50 level.

Brent Crude Oil (UK) Technical Analysis

Brent markets fell rather hard during the trading session as well, threatening the $72 region. Underneath there, we have the $70 level as a potential support level, and if we get anywhere near there and start to turn around and bounce, then I think it’s a short-term buying opportunity. However, if we were to break down below the $70 level, then it’s possible that the market could go down to the $67.50 level and then possibly even the $65 level.

The size of the candlestick is rather impressive, but we’ve seen this movie before. In other words, I think until the market makes a significant move, you have to assume that the range continues. That being said, if we break out of this overall range, we could see quite a significant amount of momentum. However, if we turn around and bounce, then I think we could go as high as $78 or so, or maybe the 50-Day EMA. Either way, this is a market that is going to continue exhibiting noise, so keep that in mind and keep your position size reasonable.

For a look at all of today’s economic events, check out our economic calendar.