Crude Oil Price Forecast – Crude Oil Markets Continue to Chop Sideways

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Monday as we continue to see a lot of noisy behavior. That being said, the market looks as if it is trying to figure out whether or not it can pick up momentum to go higher. After all, we have seen a little bit of a pullback from the large, round, psychologically significant figure in the form of $80, as you would expect. During the day on Monday, buyers have come in and try to pick up the market, so it does make a certain amount of sense that we would see buyers try to push back towards that crucial $80 level and break above it. I think at this point in time it is the most likely of outcomes.

Crude Oil Video 11.01.22

Brent

Brent is also pulling back just a bit during the trading session as we are trying to figure out whether or not we have enough buyers to pick this market up. Ultimately, I do think that we will eventually find buyers and it looks to me as if the $80 level might end up being a bit of a support level, as it is a large, round, psychologically significant figure and a lot of people will be paying close attention to that big number. Ultimately, this is a market that I think will continue to be very choppy, but I think there are plenty of buyers out there to pick it up given enough time. I have no interest in shorting this market, and I believe that the 50 day EMA will continue to come into the picture and perhaps offer support as well.

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