Crude Oil Price Forecast – Crude Oil Markets Have Slightly Bullish Day
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session, showing signs of life again as we are well above the 50-Day EMA. By doing so, the market has shown itself to be resilient, and likely to stay within the range that we had been in for a while. Because of this, I think you probably continue to see this market bounce around between the $85 level in the bottom and the $95 level on the top. Quite frankly, this just looks like a market that has nowhere to be anytime soon. Because of this, I would be very cautious about going “all in.”
Brent Crude Oil Technical Analysis
Brent markets also look like they are ready to continue going sideways more than anything else, but the positive session on Friday of course is something worth watching. With that being the case, I think we’ve got a scenario where we will eventually have to make a decision, but it looks like the $90 level on the bottom is the floor, and the $100 level on the top is the resistance. We have been very back-and-forth for some time, and I just don’t see how that changes due to the fact that nobody knows what the going.
On one hand, if we have people celebrating the possibility of the Federal Reserve backing away from tightening, but on the other hand we have 7.7% inflation year-over-year in the United States, which is going to keep monetary policy tighter for longer. With that, people worry about growth and demand in the crude oil market, as well as the US dollar strengthening again.
Crude Oil Prices Forecast Video for 14.11.22
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