Crude Oil Price Forecast – Crude Oil Markets Stabilize

Crude Oil Prices Forecast Video for 26.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth early on Wednesday, as it looks like we continue to see a lot of noisy behavior. We are currently trading between the 50-Day EMA above, and the 200-Day EMA below. Because of this, we will probably see a lot of noisy behavior in general, which is quite typical when we are between these 2 moving averages. As we have pulled back into it, that typically means that we are going to see a lot of noisy support.

All things being equal, this is a market that I think will continue to look at the 200-Day EMA, as it is an area where a lot of traders will be paying close attention to, expecting to see a lot of support. If we can break back above that 50-Day EMA, then the market could very easily reach the $90 level again. Keep in mind that the conflict in the Middle East continues to take front and center stage in this market.

Brent Crude Oil Technical Analysis

Brent markets have stabilized as well, and it looks like we are hanging around the 50-Day EMA, which of course is an indicator that a lot of people will pay close attention to. All things being equal, this is a market that I think continues to see a lot of choppiness, but I do believe that buyers are waiting to get involved. Typically, the crude oil market will hang about in some type of consolidation range, and we may be trying to sort that out at the moment. However, with all of the volatility in geopolitical events right now, it does make a certain amount of sense that we could see problems.

If we can break above the $95 level, then we could go looking to the $100 level. Underneath, if we were to break down below the 200-Day EMA, Brent could go looking to the $82 level, an area that has been supportive in the past. Expect choppy volatility, but I also anticipate that we will see a bit of a bounce in the short term as there are still concerns about supply.

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