Crude Oil Price Forecast – Crude Oil Markets Turnaround

Crude Oil Prices Forecast Video for 20.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be very noisy, falling initially during the trading session in Asian trading, filling a gap from the previous open. We have turned around to show signs of life again, and that does suggest that perhaps the market is trying to stay above the 50-Day EMA, which of course is an indicator that a lot of people will pay close attention to. The previous candlestick ended up being a bit of a shooting star, but now it looks like we are trying to build up enough pressure to continue going higher. The fact that we have turned around the way we have over the last couple of days suggests to me that we may be getting ready to consolidate a bit before an explosive move.

If we were to break down below the 50-Day EMA, then it’s likely that we go to the bottom of the recent consolidation range, which is also backed up by the 200-Day EMA. Breaking above the top of the shooting star from the trading session on Wednesday opens up the possibility of the market going to the $90 level.

Brent Crude Oil Technical Analysis

Brent markets have gapped lower to kick off the trading session, and fell rather hard, but have also turned around to show signs of stability. It looks like we are hanging around the $90 level in general right now, so that might be something worth paying attention to. The market will continue to be very noisy in general, and therefore I think you have to look at this through the prism of whether or not we can break out. All things being equal, the 50-Day EMA underneath should offer a significant amount of support, and therefore I think it’s worth paying close attention to as well. I do favor the upside because quite frankly supply is rather tight and of course we have to worry about the geopolitical situation in the Middle East.

Regardless, if we break down below the 50-Day EMA, then we could drop down to the 200-Day EMA, which is sitting right around the $85 level. I expect a lot of choppy volatility, but I think the market still favors the upside overall.

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