Crude Oil Price Forecast – Crude Oil Markets Rally Into the Weekend

Crude Oil Prices Forecast Video for 13.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown signs of life again during the trading session on Friday, as we are now threatening to use the $75 level underneath as a major support level. This obviously is a large, round, psychologically significant figure, and it’s an area that we have seen offer a lot of noise previously. Because of this, I think it does make a certain amount of sense that buyers enter that area, just as it would be important as a potential trigger for even deeper selling if we break down below there. Breaking down below the $75 level would be extraordinarily negative at this point.

There are a lot of concerns about whether or not the demand situation is going to continue to pick up, or if it’s going to drop after the realization that there is going to be a significant amount of economic stagnation around the world. All things being equal, it looks as if they are finally trying to price in a recession. However, we are a little overdone at this point in time.

Brent Crude Oil Technical Analysis

Brent also rallied during the trading session on Friday, as the $80 level is offering a significant amount of support. All things being equal, this is a market that I think will be paying close attention to the significant psychological level, and then of course the area that has been important more than once. If we were to break down below the previous lows this week, then it opens up a move down to the $77.50 level.

If we do break out to the upside, I believe that both grades of crude oil could very easily go to the 200-Day EMA above. In this case, it would be the $85 level, but it’s also worth noting that we are getting awfully close to the idea of a “death cross”, when the 50-Day EMA breaks down below the 200-Day EMA, perhaps kicking off a very negative tone in the markets at this point. Ultimately, I think the markets are trying to pick themselves back up, so we’ll have to wait and see whether or not they can find enough momentum to make that happen.

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