Crude Oil Price Forecast – Crude Oil Markets Continue to Trade in a Range
Crude Oil Prices Forecast Video for 08.02.23
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has gapped a little bit higher during the trading session on Tuesday, but it still looks a bit sluggish. It is because of this that I believe the market is going to continue to be range bound, because it’s not like we are taking off like a rocket. You can see that I have a couple of lines drawn on the chart, basically looking at $72.50 as support and $82.50 as resistance. The 50-Day EMA is sitting right in the middle of this range, and it looks as if it’s going to continue to see a lot of sideways action. Because of this, we probably get a little bit of a bounce, but it’s nothing more than a short-term trade.
Brent Crude Oil Technical Analysis
Brent markets initially gapped to the upside as well, but just as the WTI market did, gave up some of those gains rather quickly. This is not to say that I see weakness coming into the market, far from it. I think at this point we probably have a situation where we have quite a bit of choppy volatility ahead of us as traders try to figure out whether or not there is going to be enough industrial and global demand as central banks around the world continue to tighten monetary policy. Because of this, I look at this through the prism of a market that doesn’t really have anywhere to be at the moment, but could be traded by those who use range bound trading systems. Eventually we will get some type of bigger move, but right now I just don’t see it.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
