Crude Oil Price Outlook – Crude Oil Continues to Rally

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Published: Nov 1, 2024, 14:11 GMT+00:00

The crude oil market was a bit positive in the early hours of Friday, as the market has been a bit oversold recently. With this being the case, the market looks as if it is trying to find the bottom of the range that we have been in for the last two years.

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market has rallied just a bit in the early hours on Friday as we continue to see a lot of volatility, but we are also fairly close to the bottom of the two year range. And we are also in the midst of forming a massive double or possibly even triple bottom.

So, with all of this being said, I am watching this market as we are getting close to the 50 day EMA. If we can break above the 50 day EMA, and therefore the $72 level, it opens up the possibility of a move to the 200 day EMA. Short term pulling back in this market, I believe offers value that a lot of people will be willing to take advantage of, but short term trading is probably as good as it gets.

Brent Crude Oil Technical Analysis

The Brent market also has rallied and is now testing the crucial 50 day EMA. So, I think all things being equal, you have to look at this through the prism of whether or not we can break above there and open up the possibility of a move to the $80 level. The $80 level, of course, is a large round psychologically significant figure and an area where the 200-day EMA hangs around. The 200-day EMA, of course, will offer a lot of resistance and a big juicy target. So, I think eventually we will get there, but I also recognize that it is going to be very noisy between now and then. I have no interest in shorting this market.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.