Crude Oil Price Forecast – Crude Oil Markets Form a Dip that Finds Buyers

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially dipped during the trading session on Tuesday but has found a little bit of buying pressure underneath to support the market again. This is a market that’s going to continue to be very noisy, with the 50-Day EMA above offering resistance, and of course all of the concerns when it comes to global demand. That being said, we continue to push back and forth, and of course there are a lot of questions as to whether or not the Federal Reserve is going to stop tightening. Another thing that is trying to lift prices is the fact that OPEC has cut 2 million barrels per day.

Brent Crude Oil Technical Analysis

Brent also has initially dipped during the trading session and is also hanging around the 50-Day EMA. Because of this, you should keep an eye on this chart, due to the fact that the oil markets are reflective on what the global outlook for economic growth is concerned, and obviously we have a couple of moving averages sitting right around the same area that could cause some issues. If we turn around and break down below the $90 level, the market could then start to fall apart.

On the other hand, if we turn around a break above the 200-Day EMA, then it’s possible that the market could go looking to the $100 level, which obviously has a lot of psychology attached to it. If we get above there, that could kick off a bigger move to the upside. That being said, you will have to be cautious with your position sizing more than anything else.

Crude Oil Prices Forecast Video for 26.10.22

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