Crude Oil Price Forecast – Crude Oil Continues Choppy Behavior

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market pulled back a bit during the trading session on Monday to test the top of a previous downtrend line. By doing so, the market then turned around to show signs of life and it looks as if we are going to continue to see a lot of noisy behavior. At this point, the market is likely to look at the 50-Day EMA as a potential barrier, so if we were to break above there, then it’s likely that we could see the 200-Day EMA tested. On the other hand, if we were to turn out a breakdown below the lows of last couple of days, then we would more likely than not test the $80 level.

Brent Crude Oil Technical Analysis

Brent markets also pulled back a bit only to turn around and show signs of life. At this point, the market is hanging around the 50-Day EMA, and therefore it’s likely that the area will continue to show signs of magnetism. At this point, the 200-Day EMA should continue to offer resistance, and it currently sits at the $95.38 level.

If we can break above there, then it’s likely that we could see a bigger push to the $100 level. On the other hand, if we turn around a breakdown below the $90 level, then it’s likely that we could see the market soft quite drastically, perhaps reaching down to the $85 level, possibly the $82.50 level. All things being equal, this is a situation that I think remains very volatile, therefore it’s likely that we continue to see need to be cautious with our position size.

Crude Oil Prices Forecast Video for 25.10.22

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