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Crude Oil Price Forecast – Crude Oil Markets Pull Back After Initial Surge

By:
Christopher Lewis
Updated: Nov 10, 2022, 16:03 UTC

Crude oil markets have initially tried to rally during the trading session on Thursday, but gave back gains later in the day.

Crude oil FX Empire

In this article:

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially rallied on Thursday, but failed and the 50-Day EMA, showing signs of hesitation. At this point, I think the market is more likely than not going to continue to see volatility in the oil space, mainly due to the fact that we don’t know what’s going to go on with the global economy. There is a huge push/pull type of dynamic right now when it comes to crude oil, because there have been production cuts and of course there are shortages, but at the same time, and some of the bigger economies demand is dropping. In other words, now that we have shown 3 anemic candles in a row, I think people are worried more about demand, at least for this week.

Brent Crude Oil Technical Analysis

Brent of course is very similar in its behavior, and I do think that it is probably only a matter of time before it follows suit. Ultimately, this is a market that I think will have a lot of issues to reflect upon, not the least of which will be the fact that global demand is going to be heard by a global recession. Underneath, I believe the $90 level is supported, while the $100 level above is resistance.

It’s very possible we may spend some time here in the $10 range, trying to figure out where to go next. With that being the case, the market continues to be one that you need to focus on range bound systems, and of course short-term movements. The most important thing you can do is keep your position size reasonable.

Crude Oil Prices Forecast Video for 11.11.22

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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