Crude Oil Price Forecast – Crude Oil Markets Continue Choppy Behavior

WTI Crude Oil Technical Analysis

Crude oil markets have fallen a bit during the early hours on Monday in America, as the WTI Crude Oil market continues to see a lot of volatility. That being said, it’s worth noting that the market did in fact try to recover a bit, so there is still fight left in the market. With this, I think it makes quite a bit of sense to consider this a market that remains somewhat range bound, within eye on the possibility of a move to the upside based upon the recent action.

The 200-Day EMA will almost certainly come into the picture as potential resistance; therefore, I think you need to be very cautious there. If we break above that, then it opens up the possibility of a move to the $95 level, followed by the $100 level after that. On the other hand, if we break down below the bottom of the candlestick for the Monday session, we could see this market drop down to the $82.50 level.

Brent Crude Oil Technical Analysis

Brent markets initially pulled back during the trading session on Monday, but also found buyers underneath the $93 level. By doing so, the market looks as if it is going to respect the $90 level as potential support, while paying close attention to the 200-Day EMA above as potential resistance. If we can clear that, then Brent should go looking toward the $100 level over the next couple of days.

Keep in mind that oil markets have to deal with a supply shortage, but at the same time demand is falling through the floor as well. In other words, choppy volatility continues to be the main feature.

Crude Oil Prices Forecast Video for 01.11.22

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