Crude Oil Price Forecast – Crude Oil Recovers a Bit Into the Weekend

Crude Oil Prices Forecast Video for 20.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market bounced a bit during the trading session on Friday, as it looks like we are trying to recapture the $75 level. All things being equal, the market did break down rather significantly during the Thursday session, so it will be interesting to see how the market behaves around this large, round, psychologically significant figure that was previously support. If we find resistance there, that could suggest that we are going to start selling off again. However, if we recapture that area, then it’s possible that we could climb all the way back to the $80 level. All things being equal, crude oil is trying to price in the idea of a massive recession or perhaps even depression at this point.

On the other side of the equation, you have to keep in mind that there are a lot of geopolitical issues out there that could cause major issues with supply. Furthermore, OPEC will probably lose his sense of humor about this rather quickly, and start cutting again. With that in mind, I think the downside is somewhat limited, but clearly, we are trying to find some type of range to get involved in.

Brent Crude Oil Technical Analysis

Brent markets also rallied a bit during the trading session on Friday, as they are trying to find some type of floor. The $80 level above is a significant resistance barrier based upon the previous support level. If we can break above the top of the nasty candlestick that we formed on Thursday, that would be a very bullish sign and could send this market racing toward the 200-Day EMA yet again. On the other hand, if we break down below the candlestick from the Thursday session, then it could open up the possibility of a move down to the $75 level.

Regardless, I think the one thing that you can probably count on is a lot of volatility at this point as there are so many different things going on at the same time that could cause oil markets to move. With that, I think you get a situation where we are a bit oversold so a bounce makes a certain amount of sense, but whether or not I can stick remains to be seen.

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