Crude Oil Price Forecast – Crude Oil Markets Bounce After Initial Drop

Crude Oil Prices Forecast Video for 22.09.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen during the trading session, reaching down to the $88.35 level before turning around and showing signs of life. By doing so, it looks like we are going to try to continue the overall uptrend, and even if we were to fall from here, I have no interest in trying to short this market, because the momentum has clearly shown us recently that there are a lot of fears when it comes to supply, as Russia and Saudi Arabia continue to cut supply and make things difficult for the rest of the world.

The market is more likely than not going to go looking to reach the $95 level, but we could drift a little bit lower from here. Regardless, it does look like we are at least fighting back on Thursday, and that suggests that there are still plenty of people willing to chase this market and push it to the upside.

Brent Crude Oil Technical Analysis

Brent markets also fell during the trading session, only to turn around and show signs of life. The area around $92 should offer support, but even if we were to break down below there, then I would anticipate that we could see the market drop down to the $90 level where I would anticipate seeing even more bullish pressure. Regardless, there is no situation whatsoever that I would be willing to short this market, as supply continues to be a major issue.

Ultimately, I think that the Brent market could go looking to the $100 level, which of course is a large, round, psychologically significant figure, and of course we have the $95 level that we need to pay attention to as well, as it has offered resistance in the last couple of days. Regardless, this is a bullish market so I look at dips as buying opportunities, as there is going to continue to be a certain amount of buying pressure in this market going forward.

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