Crude Oil Prices Forecast Video for 07.08.23
WTI Crude Oil Weekly Technical Analysis
The West Texas Intermediate Crude Oil market has initially pulled back just a bit during the trading week, but found enough support near the 50-Week EMA to show signs of interest, as we have turned around to reach toward the $82.50 level. The $82.50 level is an area that could open up a massive move higher, perhaps to the $90 level.
That being said, the market looks as if it is trying to break above that level, and continue to go higher. Even if we do pull back from there, then it’s likely that we will find plenty of value hunters as OPEC continues to tighten the screws. Saudi Arabia has announced that it was willing to hold back 1 million barrels of production for yet another month, tightening up supply even further. That being said, if we lose the 50-Week EMA, then we may drop to the 200-Week EMA.
Brent Crude Oil Weekly Technical Analysis
Brent markets initially fell during the course of the week as well, dipping below the 50-Week EMA, but then turning around to show signs of life. Ultimately, this is a market that looks as if it is trying to get to the $87.50 level, possibly even the $90 level. Breaking above the $90 level opens up a fresh leg higher, and I do think that given enough time we will see that happen. I believe that short-term pullbacks continue to be a buying opportunity in this market, and therefore you have to look at this through the prism of a bullish market. All things being equal, I don’t really have a scenario in which I’m a seller at the moment.
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