Crude Oil Price Forecast – Crude Oil Markets Recover After Initial Selloff

Crude Oil Prices Forecast Video for 24.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen initially during the trading session on Monday, showing signs of hesitation but ultimately, I think we’ve gone far enough to the upside that it’s obvious that the buyers are going to continue to be the main driver of the market. The $90 level above will offer a certain amount of resistance, and if we can clear that, it’s likely that the market goes toward the $95 level above.

Breaking down below the bottom of the candlestick opens up a move down to the 50-Day EMA, which is closer to the $85 level in the futures market. If we break down below there, then the market is looking to the 200-Day EMA. That being said, it’s very difficult to imagine crude oil falling for a significant amount of time, due to the fact that there are a lot of tensions in the Middle East. Furthermore, inflation continues to push fuel higher anyway.

Brent Crude Oil Technical Analysis

Brent markets have pulled back just a bit early in the trading session on Monday as well, but turning back around shows the resiliency in this market. All things being equal, the market is likely to get a look into the $95 level above, which is where we had pulled back from. If we can break above that level, then the market could send Brent all the way up to the $100 level. If we break down below the $90 level, then it’s likely that we could go looking to the 50-Day EMA after that.

All things being equal, this is a market that will continue to be very noisy, but I’d still prefer the upside, and I do think that short-term pullbacks will continue to be something that you need to look at for opportunities to pick up “cheap oil.” Ultimately, I do think that we break out to the upside unless something changes quite drastically in the Middle East, which doesn’t look very likely to happen in the short term so I still look at pullbacks as potential buying opportunities in a market that is obviously very strong.

For a look at all of today’s economic events, check out our economic calendar.