Crude Oil Price Forecast – Crude Oil Markets Attempt to Rally

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back just a bit during the early hours on Wednesday, but now it looks as if the market is trying to break higher, perhaps even trying to break out of the short-term range we have been in. I think it is more likely than not going to continue to be very noisy, with the 50-Day EMA sitting just above. If we can break above there, then the next target might be the 200-Day EMA, which would also fill the gap from a couple of weeks ago, which of course futures markets do like to do. On the other side of the trade, if we break down below the lows of the week, then it’s likely that we could go down to the $80 level.

Brent Crude Oil Technical Analysis

Brent has initially fallen as well, but it looks like the $90 level is trying to offer enough support to keep the market afloat. At this point, the 50-Day EMA is just above, and I think it gives the market a bit of resistance. If we break above there, then it’s possible that the 200-Day EMA gets targeted next. Regardless, I think this is a situation where you were looking for signs of exhaustion to start selling, due to the fact that we have been in a range, and not much has changed in the fundamental situation. With this being the case, I think you should hang on for some more choppy yet sideways behavior coming out of not only Brent, but the WTI market as well.

Crude Oil Prices Forecast Video for 27.10.22

For a look at all of today’s economic events, check out our economic calendar.