Crude Oil Price Forecast – Crude Oil Markets Bounce Back During Thursday Session

Crude Oil Prices Forecast Video for 10.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Thursday, as we continue to see a lot of back-and-forth noisy behavior. We are sitting just below the 50-Day EMA and therefore one would have to think there’s probably a little bit of noisy behavior in that general vicinity. That being said though, the reality is that there is so much noise out there that it’s not a huge surprise that we would see this market hanging in the same range that we have been in for so long. The $82.50 level seems to be a significant resistance barrier, and now that the 200-Day EMA is racing towards that area, it should be even more resistant.

Underneath, we have the $72.50 level as significant support, which probably extends all the way down to the $70 level. That being said, one of the things that we have to pay the most attention to is that there is no real movement in one direction or the other.

Brent Crude Oil Technical Analysis

Brent also rallied a bit during the trading session, and just like the WTI Crude Oil market, sits just below the 50-Day EMA. In this market, there is a significant amount of resistance near the $89 level, with the 200-Day EMA sits right there also. Underneath, the $77.50 level could continue to offer support as it has recently, which makes quite a bit of sense considering that the market has to deal with a lot of concerns out there when it comes to whether or not there is going to be enough demand. Supply is relatively tight, but at the same time if the global economy is going to start shrinking, the demand for oil is going to continue to go lower.

If and when we can break out of the range, then you can start to think of placing a longer-term trade. Until then, one would have to assume that we are going to go back and forth between these 2 levels, as there’s no real desire to put a lot of money in this market right now from what the charts are telling us.

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