Crude Oil Price Forecast – Crude Oil Markets Show Resilience

Crude Oil Prices Forecast Video for 14.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back just a bit during the trading session on Monday but has since found support underneath to keep the market somewhat afloat. Keep in mind that the market has been sold off quite viciously as of late, and a certain amount of value hunting is probably coming back into the picture.

Underneath, I see the $75 level as an area of significant importance, as it has offered support a couple of times in the last week or so, and then of course it is a large, round, psychologically significant figure. Because of this, I think that is more or less going to be thought of as a “line in the sand” for the bulls, and as long as we can stay above there we still have a chance of a oil rallying a bit.

If we were to break down below the $75 level, things could get a little bit ugly rather quickly. At that point, the bottom would fall out of the market, and we could drop quite significantly, perhaps down to the $70 level.

Brent Crude Oil Technical Analysis

Brent markets also initially pulled back just a bit during the trading session, only to show signs of life again. All things being equal, this is a situation where we have the buyers coming in to pick up a little bit of value, offering a little bit of momentum as well. If we can break above the highs of the last couple of days, then it’s likely that we see the market go look into the 200-Day EMA, which of course will attract a lot of attention in and of itself. The market continues to see a lot of volatility due to the conflict in the Middle East, so you have to keep an eye on those headlines as well, as they could cause a major spike in price.

Just like in the WTI market, if we were to break down below the $80 level, it could open up a significant amount of dumping, and the market could drop another 5 bucks rather quickly if that were to happen.

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