Crude Oil Price Forecast – Crude Oil Markets Dropped Slightly in Limited Trading

Crude Oil Prices Forecast Video for 24.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has dropped a bit during the trading session on Thursday, as we continue to see a lot of noisy behavior out there around the world. At this point, the market initially sold off during the previous session due to the fact that the OPEC+ meeting was postponed, but we have seen buyers come back since then. At this point, it looks like the market is ready to go back and forth in this general vicinity, with the $75 level offering quite a bit of attention. All things being equal, this is a situation where I think you have to look at this through the prism of whether or not we can break to the upside, or if we break down below the $72.50 level, and drop down to the $70 level.

I do believe at this point in time it’s likely that the market will continue to see a lot of volatility, and of course we have to pay attention to the situation in the Middle East as it can have an outsized effect on crude oil as well. All this being said, I think we are consolidating and trying to sort out whether or not the selling is over. Short-term back-and-forth trading is more likely than not going to be the scenario going forward. That being said, Thursday was Thanksgiving and of course Friday will probably have a lack of liquidity as well.

Brent Crude Oil Technical Analysis

Brent markets broke down a bit during the trading session on Thursday as well, with the $80 level underneath being support. All things being equal, this is a market that I think continues to see a lot of choppiness, as long as we can stay above the $77.50 level, then the market could see buyers on dips. If we break down below there, then the market could drop down to the $75 level, perhaps down to the $72.50 level. On the other hand, if we can turn around and take out the 200-Day EMA, that could kick off a bigger move to the upside, breaking above the $85 level in the process. In general, I think this is a situation where you have to look at this through the prism of whether or not we can find stability, which it looks like we are at least trying to.

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