Crude Oil Price Forecast – Crude Oil Shows Signs of Strength Again

Crude Oil Prices Forecast Video for 13.10.23

WTI Crude Oil (US) Technical Analysis

The WTI crude oil market has fallen enough to fill the gap from earlier in the week and has turned around to show signs of life again. By doing so, it looks like the overall uptrend is ready to start again, and therefore we are starting to focus on supply and demand. Granted, it looks like the flow of oil is going to continue, but there’s always the concern that the war in the Gaza Strip is to expand. Nonetheless, the supply is very tight to begin with, so it does make a certain amount of sense that we would see a move toward the $85 level, as we break above the 50-Day EMA. If we can break above the $87.50 level, then it’s possible that the market could go looking to the $90 level.

Underneath, we have the 200-Day EMA offering support, and that would of course determine the trend in and of itself. At this point, it does make a certain amount of sense that market participants at least try to play the bounce, so I think that in the short term we could see some strength.

Brent Crude Oil (UK) Technical Analysis

The Brent market has rallied during the day as well, as we have tested the gap and now it looks like we are trying to break above the 50-Day EMA. The $89 level above offers a certain amount of resistance, and if we can break above there, then it’s likely that we could test $90, and then eventually go looking to the $95 level. The $95 level of course is an area where we’ve seen a lot of resistance previously, and therefore it makes for a decent target that traders will be trying to get to.

Ultimately, this is a market that I think sees a lot of choppy volatility, but it’s probably a situation where the buyers will eventually take over. Ultimately, I don’t have any interest in shorting this market, and therefore this trait makes quite a bit of sense for me. Ultimately, I am bullish but I recognize that the oversold condition is going to continue to make it very noisy to say the least.

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