Crude Oil Price Forecast – Crude Oil Markets Fall Drastically

Crude Oil Prices Forecast Video for 27.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen rather hard early during the trading session on Thursday, as we continue to see a lot of noisy behavior in the markets. Quite frankly, we are moving on the latest headline, and you can almost tell what’s going on in Gaza based on the intraday price graph. As it looks like the Israelis are taking their time with the land invasion, oil will drop in price. On the other hand, if tensions ratchet up, the price of oil goes higher.

In this environment, it’s going to be very difficult to trade in this market, and you have to be very cautious. Quite frankly, when a market is moving on the latest headline in a very fluid situation, you are more likely than not to be better off leaving it alone. Having said that, it is worth noting that the 200-Day EMA underneath is relatively stable as far as support is concerned.

Brent Crude Oil Technical Analysis

Brent markets have also fallen, challenging the lows of the previous session. Ultimately, the $85 level underneath could be massive support as it is also where the 200-Day EMA is sitting in the futures market, but at this point Brent is moving right along with WTI in the geopolitical realm of things, therefore it’s likely that the market is going to continue to be very difficult to hang onto. At this point, I would not want to be an oil trader, although I do believe in the longer term we are going to try to carve out some type of range.

Having said that, if and when Israel goes into Gaza, it is very likely that crude will spike. To the upside, the $90 level is a large, round, psychologically significant figure and a nice target. Breaking above there opens up the possibility of a move to the $95 level. At this point, the only thing you can do is either step to the side or keep your trading position small enough that you can’t do any real damage to your account. I think you should get used to this volatility until the situation in the Middle East settles down.

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