Crude Oil Price Forecast – Crude Pulls Back Ever so Slightly

Crude Oil Prices Forecast Video for 15.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market started pulling back just a bit during the early hours on Tuesday, but quite frankly there is plenty of support and we need to consider buying on dips as the market is likely to continue to try and recover from the massive drop that we had seen. After all, the market was a bit overdone, and crashed into the $75 level, an area that is a large, round, psychologically significant figure.

At this point, I believe that the market will continue to go looking toward the 200-Day EMA, which is a large and important indicator that a lot of people will pay close attention to. At that point, we would be right around the $81 level, an area that has been important more than once. We could also see the $80 area offers significant resistance, but at this point I would anticipate that the market will be looking at this as a potential target. As long as we can stay above the $75 level, I think this market is still one that has a certain amount of short-term positivity to it.

Brent Crude Oil Technical Analysis

Brent markets also pulled back just a bit during the trading session on Tuesday, as we may have bounced a little much for the short-term rally. At this point, I think we also could go looking to the 200-Day EMA, which happens to be right at the $85 level as well. That being said, the market is likely to continue to see that as resistance, so I think at this point we are trying to form some type of consolidation area. Ultimately, I think the markets are also trying to sort out whether or not we are going to head into a massive recession, or if the conflict in the Middle East starts to spread, both of which could have profound implications on how the market plays out.

As things stand right now, I would anticipate that we probably continue to consolidate between $80 on the bottom and $85 on the top, and until we break out of this range you have to look at this as a short-term range bound type of market.

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