Crude Oil Price Forecast – Crude Oil Markets Attempt to Stabilize

Crude Oil Prices Forecast Video for 10.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has attempted to stabilize a bit during the trading session on Thursday, as we continue to see a lot of volatility, but quite frankly at this point we are probably going to continue to see a little bit of scavenging, and perhaps even a little bit of profit-taking from short-sellers. The market is focusing on the idea that a massive recession is coming, and that could very well be the case at this point. With this being the situation, it is difficult to get overly excited about gold, but clearly a bounce is likely to happen.

If we were to break down below the $75 level, that would obviously be a very negative turn of events, opening up a move down to the $72.50 level. On the other hand, to the upside we could bounce all the way to the $80 level and still be just below the 200-Day EMA, so this may be setting up some type of surprise bounce.

Brent Crude Oil Technical Analysis

Brent markets also are looking to find some type of relief during the trading session, as they are hanging around the $80 level and buyers are starting to step in. The question now is whether or not they can make the market turnaround completely, or if this is just a little bit of profit-taking. Either way, I think a bounce from here does make a certain amount of sense, but I would not get married to the position, because quite frankly it could turn around quite quickly. Breaking down below the lows of the Wednesday session would be very negative, opening up a move down to the $77.50 level.

Regardless, you need to be very cautious with your position sizing, mainly due to the fact that there are so many moving pieces at the moment and of course the geopolitical situations in the Middle East are paramount currently. While they have not gotten worse, they aren’t getting better so a shock announcement or move by somebody in the region could send oil markets $10 higher in the blink of an eye.

For a look at all of today’s economic events, check out our economic calendar.