Crude Oil Price Forecast – Crude Oil Markets Continue to Stabilize

WTI Crude Oil

The West Texas Intermediate Crude Oil market did very little during the trading session on Thursday, as we continue to stabilize which of course is a good sign, especially considering just how negative the market had been recently. Ultimately, this is a market that I think given enough time will break down towards the $30 level, but we may have a short-term rally before that happens. With that in mind, I anticipate that the $40 level will probably continue to be resistance, so therefore it is worth paying attention to. The 50 day EMA sits just above there as well, so that of course could have its own influence.

Crude Oil Video 11.09.20

Brent

Brent markets went back and forth during the trading session on Thursday, showing signs of stability as well. That of course is a very good sign, as the markets had been sold so hard recently that it is nice for anybody bullish of this market to see some sense of stability jumping back in. Having said that, this does not mean that we go higher for much longer. More likely than not what we will probably see is some type of bounce that people will look at as an opportunity to start selling again. With that being the case, I fully anticipate seeing Brent break through the $40 level and going much lower. However, I would prefer to sell short-term rallies, the show signs of exhaustion, as the trend has most certainly shifted to the downside.

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