Crude Oil Price Forecast – Crude Oil Markets Continue to Stay in Consolidation
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has dipped during the trading session to click off the trading session, but then turned around to show signs of life again. By doing so, it looks as if we are going to stay in the overall consolidation range we have been in for a while. Because of this, I suspect it is only a matter of time before we bounce again, but it’s probably worth noting that we are sitting on a support range, not a support line. I think this support could go all the way down to the $80 level. To the upside, I anticipate that the $93 level continues to be a difficult barrier to break above.
Brent Crude Oil Technical Analysis
Brent markets also have pulled back just a bit during the trading session, looking at the $90 level underneath as a significant support level. To the upside, we have the 200-Day EMA and the 50-Day EMA going sideways. It tells you that consolidation is likely, and in that scenario, we could see this market bounce around in the rectangle that I have drawn, with the $100 level above being an obvious resistance barrier.
Regardless, I think we’ve got a situation where the market is going to continue to be very noisy, but if we could break above the $100 level, then there is a big fight at the $103 level, which could cause a bit of trouble. Nonetheless, one of the biggest things that people are paying attention to is the fact that we are heading into a global recession, so despite the fact that supply is an issue, price is not reflecting that.
Crude Oil Prices Forecast Video for 16.11.22
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