Crude Oil Price Forecast – Crude Oil Markets Run Into Exhaustion

Crude Oil Prices Forecast Video for 23.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially gapped higher to kick off the trading session on Friday, but it looks like we are running into a little bit of exhaustion. Ultimately, this is the market that I think continues to see a lot of noisy behavior, and therefore we need to pay close attention to the latest headlines coming out of the Middle East. Granted, supply is still a major issue, but ultimately it looks like the $90 level is offering a bit of a barrier.

If we were to break out above the $90 level, then it opens up the possibility of a move to the $95 level. If we turn around and break down from here, the $87.50 level is a major support level. Underneath there, the 50-Day EMA is hanging about the $85 level, which obviously would make a significant amount of support as well. I think the only thing you can probably count on is going to be a lot of noisy and choppy behavior, so keep this in mind as well.

Brent Crude Oil Technical Analysis

Brent markets also rallied quite drastically at the open, but then turned around to show signs of exhaustion as well. It looks like the $95 level above is going to offer a significant barrier, and right now it doesn’t look like we are ready to break above there. Ultimately, I think short-term pullbacks will end up being buying opportunities, with the $90 level underneath offering a significant amount of support. Breaking down below there then opens up the 50-Day EMA as well, so I don’t necessarily think that selling the market is possible, at least not at this point.

If we were to break above the $95 level, then the Brent market will almost certainly go looking to the $100 level, which I think a lot of people are expecting anyway. Ultimately, this is a market that remains “buy on the dips”, and I just don’t see that changing anytime soon. There’s a lack of supply, and certainly there are plenty of geopolitical concerns out there that have to be paid close attention to as well.

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