Crude Oil Price Forecast – Crude Oil Markets Testing Support

Crude Oil Prices Forecast Video for 01.11.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market has had a relatively quiet trading session on Tuesday, as we are hanging around just above the 200-Day EMA. The 200-Day EMA is an indicator that a lot of people pay close attention to. It’s worth noting that the markets have been a bit quieter than we had previously seen, as the war in the Middle East had thrown the markets around. Having said that, we have not seen an escalation of participants, so that has a little bit of a calming effect.

As we are between the 200-Day EMA and the 50-Day EMA indicators, the market is likely to continue to see a lot of choppiness. The $85 level above of course would be interesting as far as resistance is concerned, if we can break above there, the market is likely to go looking to the $90 level. All things being equal, I believe that it could happen, but if we were to break down below the 200-Day EMA, we could see the market really start to break down.

Brent Crude Oil (UK) Technical Analysis

Brent markets stabilized as well, as it looks like we are trying to find some type of support between the 50-Day EMA and the 200-Day EMA indicators underneath. The 200-Day EMA hangs around the $85 level, so there is quite a bit of support in that general vicinity. That being said, this will probably revolve around the idea of the latest headlines coming out of the Middle East, because quite frankly a lot of people are out there worried about whether or not there is going to be enough demand in what looks to be a shrinking economy globally. While the economy is still growing overall, it’s growing at a much slower rate and there are concerns that perhaps demand will continue to drop. At the same time, OPEC has been cutting production, so that comes into play as well. All things being equal, this is a market that I think continues to be very noisy so you have to look at it through a short-term back and forth type of situation.

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