Crude Oil Price Forecast – Crude Oil Markets Bounced Slightly

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has bounced a bit during the trading session on Monday, as we are going to continue to see noise based upon the previous downtrend line. Now that we are above it, “market memory” could come into the picture and push the market to the upside. Furthermore, the 50-Day EMA sits right around the $88.50 level, and that could be the short-term target. After that, we have the 200-Day EMA which sits right around the $92 level.

On the downside, if we break down below the $85 level, we could see further selling, perhaps sending the market down to the $82.50 level, maybe even the $80 level.

Brent Crude Oil Technical Analysis

Brent also bounced a bit during the Monday session as well, as we are testing the top of the previous downtrend line. At this point, the market then is more likely than not going to go looking to the 50-Day EMA, perhaps even the 200-Day EMA at the $95.55 level. If we do break above that area, then it’s likely that we could go looking to the $100 level. Ultimately, this is a market that I think has been a bit noisy, and I think that will continue to be the case.

Both grades of oil that I follow look as if they are trying to form some type of pennant or bullish flag. Nothing has confirmed one way or the other yet, but it is most certainly something worth paying close attention to. At this point, pay close attention to those moving averages just above, because if they get broken it’s likely oil continues higher.

Crude Oil Prices Forecast Video for 18.10.22

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