Crude Oil Price Forecast – Crude Oil Markets Continue to Look For Momentum

Crude Oil Prices Forecast Video for 11-01-2024

WTI Crude Oil Technical Analysis

You can see that the crude oil market has been a little bit positive during the trading session. But at this point, the market continues to see significant resistance above. The 50-day EMA of course offers a significant barrier, and $75 of course being there has a lot to do with what you see as well. If we can break above there, then the market very well could go looking to the 200-day EMA. I think that we still have plenty of support at the $68 level, which of course is an area where we’ve seen massive support previously. The West Texas Intermediate grade continues to consolidate trying to find some type of footing.

Brent Crude Oil Technical Analysis

Over here in Brent, it’s very much the same thing. Brent continues to be a lot of noise and therefore the $80.50 level above offers resistance right around the 50 day EMA, and the $72 level underneath offers a lot of support. Brent faces a lot of the same issues that the WTI market will face due to the fact that there are a lot of concerns when it comes to global demand and of course pricing power because there is a serious glut but at the same time, we’re at a major support level underneath. I do think that eventually oil does take off, but we need to see the economy take off to make that happen or there’s also the possibility that one of the attacks in the Red Sea really steps up the conflict in the Middle East.

I do think eventually the crude oil markets will find their footing and find a bottom, but right now it certainly looks as if we have a lot of work to do. If that’s going to continue to be the case, then you need to be very cautious with your position sizing, but you also need to recognize the fact that the crude oil markets are being held hostage to external factors that you will have to pay close attention to.

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