Crude Oil Price Forecast – Crude Oil Markets Continue to Consolidate

Crude Oil Prices Forecast Video for 11.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market pulled back during the trading session on Tuesday, but then turned around to show signs of life again. That being said, the market still finds itself a bit hesitant, and therefore I think we’ve got a situation where you could see a lot of noisy behavior, and indecision. That is a recipe for disaster if you get too big, because eventually you have a situation where the markets will have to break in one direction or the other, and it’s likely that we will see a huge move for that matter. Ultimately, I think we’ve got a market that is trying to figure out what to do with itself, but right now it seems like confusion is the only thing that range. I still favor the downside on short-term rallies that show exhaustion.

Brent Crude Oil Technical Analysis

Brent markets have been somewhat noisy during the trading session as well, so therefore it’s likely that we continue to see a lot of noisy behavior, with the $75 level underneath being a major support level. If we break down below the $75 level, then it’s likely that we could go down to the $70 level. A short-term rally will more likely than not be sold into, and therefore I think you’ve got a situation where you are looking for signs of exhaustion to start fading. If we get that, then it’s likely that we will roll over quite a bit. On the upside, we have the 50-Day EMA at the $85 level, offering a significant ceiling for those trying to send this market higher. A lack of demand continues to be a major issue.

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