Crude Oil Price Forecast – Crude Oil Markets Pierced Resistance

Crude Oil Prices Forecast Video for 19.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially shot higher earlier in the trading session on Wednesday, but then gave back gains to show signs of hesitation. By doing so, the market looks as if it is going to continue to see a lot of noisy trading, but this clearly is a market that wants to go higher much quicker than it wants to go lower. The 50-Day EMA comes into the picture just underneath, offering a bit of support as well. All things being equal, the market is likely to continue to see that as a technical indicator worth paying attention to, especially as the candlestick from the previous session bounced directly from it.

If we were to break down below that level, then you have the 200-Day EMA showing signs of life. This is an area that could continue to be a bit of a “floor of the market”, assuming that we even get down to that area. Breaking above the top of the range for the trading session on Wednesday opens up the possibility of moving toward the $90 level.

Brent Crude Oil Technical Analysis

Brent markets initially tried to rally during the course of the trading session as well, as it looks like we are heading to the $88 level. The $88 level is a major resistance barrier, followed by the $90 level, and I think at this point in time it’s probably only a matter of time before we rally toward that area. Ultimately, if we break above the $90 level, then crude oil should continue to shoot much higher.

Just like in the WTI grade, we have the 50-Day EMA underneath offering support, and then of course you have the 200-Day EMA underneath there offering the “floor in the market.” All things being equal, I do think that oil continues to attract a lot of inflows, and it’s probably only a matter of time before the geopolitical concerns in the Middle East truly take grip of the markets, and have people worried about the supply of crude oil as escalation seems like an almost given at this point.

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