Crude Oil Prices Forecast Video for 26.06.23
WTI Crude Oil (US) Weekly Technical Analysis
The West Texas Intermediate Crude Oil market has fallen during the course of the week, as we continue to trade in the same consolidation area. The $65 level underneath is a support level, while the $75 level above is a resistance. The 200-Week EMA is also sitting just above, and it causes a significant amount of resistance. All things being equal, if we were to break below the $65 level, we could open up a big move lower. On the other hand, if we break above the $75 level, then we could go much higher. All things being equal, this is a market that continues to be choppy, and therefore I think you need to trade it from a shorter-term timeframe as we are essentially in the “summer range.”
Brent Crude Oil Weekly (UK) Technical Analysis
The Brent market has also fallen from the 200-Week EMA, and we are trading between the $70 level on the bottom and the $80 level on the top. With this, we got a situation where we continue to go back and forth, and therefore you have to look at it through short-term charts, and therefore I think of it more or less as range bound as well. There is a huge “push/pull” in the market, as the OPEC cuts have put a little bit of a floor in this market, but at the same time, we have to worry about global demand. All things being equal, I think this is a market that continues to make a lot of noisy movements, and therefore if you can focus more on the short term, as longer-term training might be a bit difficult.
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