Crude Oil Price Forecast – Crude Oil Markets Barely Hanging on

WTI Crude Oil Technical Analysis

The West Intermediate Crude Oil market has been negative again during the trading session on Wednesday, as we are now hanging on to the 50-Day EMA. The 50-Day EMA is an indicator that a lot of people pay close attention to, therefore I think we will see a little bit of a fight here. If we break down below this area, then we could open up the possibility of a move to the $85 level. On the other hand, if we turn around and take out the top of the candlestick for the trading session on Wednesday, then the 200-Day EMA could be targeted near the $91 level.

Brent Crude Oil Technical Analysis

Brent markets also have pulled back to its 50-Day EMA, so that is something worth paying attention to. Ultimately, I think this is a situation where you are looking for buyers in the same general vicinity, but if we don’t get them, then things could get a little bit ugly. With that being said, I like the idea of looking at the $100 level as a potential target. If we break down below the candlestick for the session, then it’s possible that we could go down to the $92.50 level.

Under there, then you have the $90 level, so there are some places to be looking at underneath, and therefore I think we continue to consolidate overall. It also makes sense that we have paused a bit, as the CPI numbers will have a major influence on what people think the demand is going to be. With that being said, you look likely to have consolidation in a base billing attempt.

Crude Oil Prices Forecast Video for 10.11.22

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