Crude Oil Price Forecast – Crude Oil Markets Rally on Thursday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Thursday, as we continue to see a lot of noisy behavior and therefore it looks like we are trying to continue the overall attempt at breakout. Keep in mind that crude oil markets will continue to see a lot of volatile behavior, and therefore it’s likely that we see a lot of wild swings, so the most important thing you can do is protect your trading account by using reasonable position sizes. The 200-Day EMA is just above and is more likely than not going to cause some issues, so with that in mind the upside is probably limited for the short term.

Brent Crude Oil Technical Analysis

Brent markets look very much the same but are trying to give up some of the gains as we are stuck between the 50-Day EMA and the 200-Day EMA indicators. This is typical for markets stuck in this range, so therefore it’s not a huge surprise to see that we are just hanging about. Ultimately, I think we got a scenario where we will see traders have to make a bigger decision, but if we can get above the 200-Day EMA, then it’s likely that we could see a huge move higher.

OPEC has cut production by 2 million barrels per day recently, which is something that has to be paid close attention to. With that being the case, I think we’ve got a scenario where it is just a matter of time before we see the fight between the global slowdown and supply continue to cause massive swings in both directions.

Crude Oil Prices Forecast Video for 28.10.22

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