Crude Oil Price Forecast – Crude Oil Markets Continue to Attempt a Recovery

Crude Oil Prices Forecast Video for 11.05.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market pulled back just a bit during the trading session on Wednesday, but then turned around to show signs of life. At this point in time, the market has to pay close attention to the 50-Day EMA above, which is near the $76 level as potential resistance. If we break above there, then the market could open up a move toward the 200-Day EMA.

If we break down below the bottom of the range for the day, then we probably go drifting toward the $70 level. Underneath there, the market then opens up the possibility of a move down to the $65 level. All things being equal, this is a market that is still going to focus on global demand, which of course is going to be a major issue if economies around the world continue to see slowing economic activity.

Brent Crude Oil Technical Analysis

Brent markets also pulled back slightly during the trading session only to turn around and show signs of life. That being said, the $75 level underneath could be a major support level. If we break down below there, that is a very negative turn of events, opening up the possibility of a move down to the $70 level. On the other hand, if we do rally, the $80 level above sits right around the 50-Day EMA, and it is of course a major technical indicator that a lot of people will be paying close attention to.

With that, I think this is a situation where you have to be cautious, but I think it is probably only a matter of time before you see signs of exhaustion that we can start selling. Signs of exhaustion after a rally are a classic way to play the bear market, and even if we do take up to the upside, it’s very likely that the 200-Day EMA above will be the top of the overall range. All things being equal, I think this is a situation where you will have to pay close attention to the GDP of various countries around the world, and of course the economic strength of the world.

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