Crude Oil Price Forecast – Crude Oil Markets Kick Off the Week on the Right Foot

Crude Oil Prices Forecast Video for 10.01.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Monday, breaking the top of the previous 2 inverted hammers. Having said that, it already looks like we are struggling to go higher. Any rally at this point in time would probably have to be looked at through the prism of a selling opportunity, and quite frankly, the higher we go, the more likely we are to see sellers get involved.

I’m very interested in the 50-Day EMA if we can get there, which is sitting just below the $80 level. In general, the market continues to look very bearish longer-term, and of course people are still concerned about the overall global demand. Fading rallies should continue to be the way we go going forward.

Brent Crude Oil Technical Analysis

Brent markets also rallied during the day, taking out the top of the 2 previous inverted hammers. However, we are giving up gains there as well, and I also look at the 50-Day EMA near the $85 level, as a potential shorting opportunity. On the other hand, if we break down below the nasty candlestick that we formed last week, then we could drop down to the $75 level. The $75 level is a large, round, psychologically significant figure, and therefore people will look at the level as a potential support level. In general, I think we remain very noisy and very suspicious of rallies, so with that being said I think we’ve got a situation where you are looking to fade rallies, but if you are a short-term trader, you may purchase more or less from a back-and-forth type of range bound situation.

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