Crude Oil Price Forecast – Crude Oil Markets Run Into Resistance

Crude Oil Prices Forecast Video for 11.08.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market struggled at the $85 level during trading on Thursday, as it looks like a little bit of exhaustion has set into the market. We have had a nice run higher, so a little bit of a pullback does make a certain amount of sense as people look to take profit, especially near the psychologically important $85 level. Underneath, there are plenty of buyers, extending all the way down to the $80 level so I do think that this pullback ends up being a buying opportunity before it is all said and done.

The 200-Day EMA is near the $77.89 level, and should be the absolute “floor in the market” as far as the uptrend is concerned. As long as OPEC continues to cut production, it’s very likely that the price of oil will continue to be somewhat elevated. Furthermore, the Americans are looking to refill the Strategic Petroleum Reserve, putting even more upward pressure on pricing.

Brent Crude Oil Technical Analysis

Brent typically moves right along with the WTI crude oil market, and that of course is the same during the session on Thursday. The $87.50 level is an area that has cost a certain amount of resistance previously, and the fact that it caused resistance on Thursday should not be a huge surprise. A pullback at this point could have the market looking to the $85 level before it is all said and done, but I also recognize that we have a situation where buyers are willing to come in and pick up value any chance they get. The 200-Day EMA offers a ton of support near the $82.50 level, an area that has been important a few times in the past as well.

Longer-term, it’s very likely that crude oil continues to find buyers, so with this being said, I do believe that buyers will eventually win the day, and that crude oil will continue to go higher, as Brent will look toward the $90 level where there should be a lot of options barriers. Expect noise, but also recognize that the upward trajectory should continue to be the main driver.

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