Crude Oil Price Forecast – Crude Oil Markets Continue to Find Buyers On Dips

Crude Oil Prices Forecast Video for 27.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Friday, reaching down to the $75 level to turn things back around and show signs of life. Ultimately, this is a market that I think is trying to sort itself out, and it’s probably only a matter of time before we have to take off to the upside. If we break above the recent couple of candlesticks, then the $80 level will be a target. The 200-Day EMA sits just above there, so it will be a potential barrier.

Underneath, the market has a significant amount of support right around the $75 level, then again at the $72.50 level. If we were to break down below there, then I think you get a situation where the market continues to offer short-term buying opportunities, but you also have to ride through a significant amount of volatility.

Brent Crude Oil Technical Analysis

Brent markets also pulled back a bit, with the $80 level offering support. The $80 level is a large, round, psychologically significant figure, and an area that previously has been a massive support level. That being said, the market is likely to continue to see this market as one that might be offering value, especially considering that the buyers continue to jump in. Furthermore, OPEC is likely to cut production at its next meeting, or the one after that, so I think the market is trying to get ahead of that situation as well.

When you look at the longer-term charts, we are at the bottom of a larger consolidation area, so that lines up as well. With that being the case, I’m a buyer on dips and I do understand that it is probably only a matter of time before we take off to the upside. Once we do, I anticipate that we could go looking to the 200-Day EMA, and breaking above that could even open a move all the way to the $90 level. Underneath, if we were to break down below the $75 level, that could be very ugly.

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