Crude Oil Price Forecast – Crude Oil Markets Stabilize

Crude Oil Prices Forecast Video for 09.10.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be somewhat stable during the Friday trading session, despite the fact that the Non-Farm Payroll announcement has cut the market by surprise. Because of this, I wonder whether or not we can turn around and show signs of life due to the fact that the employment situation in the United States continues to look strong. In other words, there’s probably quite a bit of demand out there. If we can turn around and break above the top of the candlestick for the day, it’s likely that we could go looking to the 50-Day EMA.

Underneath, the 200-Day EMA comes into the picture to offer support, and therefore I think we are essentially bouncing around between these 2 major moving averages, which is often an area where you see a lot of squeezing in the market anyway. I have no interest in shorting this market, it is oversold and therefore I think it’s only a matter of time before we turn around and continue the overall trend.

Brent Crude Oil Technical Analysis

Brent markets are stabilizing as well, hanging around the 200-Day EMA. The 200-Day EMA is of course an indicator that a lot of people pay close attention to, therefore I think it is worth noting that we have stopped here. If we turn around and take out the top of the candlestick, it might be the beginning of something bigger, a recovery in a market that is clearly oversold. I have no interest in getting too cute at this point, as I recognize that the market is in a bit of a nasty mood. Having said that, a small long position is what I am going to be initiating, recognizing the fact that there is a lot of volatility ahead. At this point, the next major support level is probably close to the $82.50 level, and then possibly the $80 level. On the upside, if we can take out the 50-Day EMA, it’s likely that is when FOMO trading takes hold again, as supply continues to be a major issue in this market.

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