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Crude Oil Price Forecast – Crude Oil Continues to See Overhang of Hesitation
Published: Nov 15, 2024, 14:47 GMT+00:00
The crude oil markets continue to see a lot of noise, as we are hanging out just above a major support level in both grades that I follow here at FX Empire. All things being equal, this is a market that looks like it is sticking to the range.
In this article:
WTI Crude Oil Technical Analysis
The West Texas Intermediate crude oil market dipped a bit during the early hours on Friday as we continued to bounce around the $68 level. All things being equal, this is a market that has a lot of support underneath, near the $65 level as well. So, we need to pay close attention to what happens next.
All things being equal, I think this is a situation where we could fall a bit and then find value hunters. But I think that the $65 level certainly looks as if it is going to try to hold. Whether or not we can take off to the upside is a completely different question but keep an eye on the 50 day EMA near the $71 level as a potential barrier on any bounce.
Brent Crude Oil Technical Analysis
The Brent market also looks fairly soft at the moment, but it is supported at the crucial large round psychologically significant $70 level. The $70 level of course, will have a lot of options trading around it. So really, with this being the case, I think you’ve got a situation where people will look at this as a potential buying opportunity, but also recognize that if we were to break significantly below $70, that would be very toxic. We have the 50-day EMA just about at the $74.50 level offering resistance, so that’s something worth paying attention to. If we can break above there, then we could go looking to the $80 level.
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About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
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