Crude Oil Price Forecast – Crude Oil Markets Test the 50-day Ema Again

Crude Oil Prices Forecast Video for 10.02.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Thursday from the 50-Day EMA, an indicator that of course is very important and a lot of people pay close attention to it. The $80 level sits just above there, and then the $82.50 level after that. With that being the case, the market is looking very much like it is in the middle of an overall range, and therefore I think we’ve got a situation where we probably need to look at this through the prism of whether or not we can reach the top of the rectangle. If we cannot, that might be a hint that we are going lower. However, if we can break above the 200-Day EMA, then the market could go to the $92.50 level.

Brent Crude Oil Technical Analysis

Brent has pulled back just a bit during the trading session from the 50 day EMA as well. Ultimately, the market continues to see a lot of noise in general, so I think you have to be very cautious with your position size due to the fact that there is so much in the way of volatility around the world in all markets, not just this one. Because of this, I think it’s worth noting that we will eventually have to make a bigger decision from this rectangle, and in the meantime it’s more or less going to be back and forth and therefore you need to look at this through the prism of range bound system. The lack of demand around the world has been a bit of a headwind, but at the same time it’s awfully cheap at this area.

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