Crude Oil Price Forecast – Crude Oil Markets Looking for Buyers

Crude Oil Prices Forecast Video for 28.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially fell a bit during the trading session on Monday, but it looks like we do have a significant amount of support underneath. As this continues to be the case, I think we have this as more or less a “buy on the dips” type of situation, as we continue to consolidate. However, it is worth noting that the 50-Day EMA is starting to break down below the 200-Day EMA, kicking off a so-called “death cross.”

Looking at this chart, it looks as if the $72.50 level underneath continues to offer significant support, but if we turn around and take on to the upside, then it’s possible that we could go looking to the $79 level above. The $79 level extends to the $80 level for resistance. Breaking above that obviously would be a very bullish turn of events, perhaps sending this market much higher. In general, I think the only thing you can probably count on is a lot of choppiness.

Brent Crude Oil Technical Analysis

Brent markets have initially pulled back a bit during the trading session on Monday, but then turned around just like the WTI grade did. At this point, the $80 level looks as if it is going to be a bit of a magnet for price. Because of this, I think you have a situation where markets will continue to go back and forth, but if we can break above the $82.50 level, then we could see momentum pickup to the upside, sending this market toward the 200-Day EMA. That being said, the $77.50 level underneath has offered significant support, so I think at this point we more or less are going to continue to see consolidation in this area.

A lot of this makes sense, due to the fact that we are awaiting the decision by OPEC as to whether or not they are going to cut production, and of course there are a lot of questions out there as to whether or not the global economy is going to continue to demand more energy, or if we are going to go into some type of major negative move.

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