Crude Oil Price Forecast – Crude Oil Markets Stabilize

Crude Oil Prices Forecast Video for 11.10.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be somewhat choppy during the trading session on Tuesday, as we hang around just above the 50-Day EMA. At this point, the market looks as if it is trying to figure out whether or not the situation between Israel and Hamas is going to explode into something bigger. After all, the Middle East has major oil reserves, and therefore people would be very cautious about it.

The 200-Day EMA is an indicator that a lot of people pay close attention to, and therefore, it does make quite a bit of sense that it could offer a bit of support if we do break down. I frankly don’t see that happening anytime soon, and therefore it’s likely that we could continue to see a lot of noisy behavior, but I do think that ultimately the buyers will continue to come in and pick up value on short-term pullbacks. Ultimately, I see this market heading toward the $90 level.

Brent Crude Oil (UK) Technical Analysis

Brent also went back and forth, just above the 50-Day EMA. The market has plenty of support underneath, and any pullback at this point in time could be a buying opportunity to pick up “cheap oil.” After all, it might be the Israeli/Hamas war that kicked off the move higher, but at the end of the day we were near the 200-Day EMA when we closed last Friday anyway and had already shown signs of potential strength.

At this point, I believe that this market will continue to be a “buy on the dips” scenario, and that we could eventually go looking to the $95 level before it’s all said and done. If we were to break down below the hammer for the session on Friday, then it’s likely that we could see a further deepening of the correction, but quite frankly the market had been overdone as of late, and I do think that we have a situation where we eventually see buyers come in and try to pick everything out. I have no interest in shortening this market as things stand.

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