Crude Oil Price Forecast – Crude Oil Markets Pull Back on Thursday
Crude Oil Prices Forecast Video for 26.05.23
WTI Crude Oil (US) Technical Analysis
The West Texas Intermediate Crude Oil market pulled back just a bit during the trading session on Thursday, as we are testing the top of the triangle that we just broke out of. That being said, the question now is whether or not buyers will come back into the picture and offer a certain amount of buying pressure. Just above, we have the 50-Day EMA, which of course is a technical indicator that a lot of people will pay attention to as well.
With that being said, we will see if we squeeze a little higher and if we take out the 50-Day EMA, that could open up the possibility of attacking the $75 level. After that, then you have the 200-Day EMA which is just below the $80 level. Conversely, if we were to turn around and fall from here, then we will probably go looking for support near the $70 level as it is a large, round, psychologically significant figure.
Brent Crude Oil (UK) Technical Analysis
Brent markets also pulled back during the trading session to test the top of its triangle, and it also has the 50-Day EMA, which of course is an area that a lot of people would be paying close attention to, and if we break above there, then it’s possible that the $80 level gets taken out. In that scenario, the market more likely than not will go looking toward the 200-Day EMA, which is sitting just below the $85 level.
Keep in mind that oil will continue to suffer due to the fact that there is more likely than not going to be a situation where oil demand will probably drop as we head into some type of nasty recession. However, the market is likely to see the $70 level underneath as support and the $85 level above as resistance for what could be the overall summer range. After all, oil does typically find itself in some type of range for the summer and I think this year will be any different as we go forward.
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