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Crude Oil Price Forecast – Crude Oil Quiet on Tuesday

By:
Christopher Lewis
Published: Nov 21, 2023, 15:05 GMT+00:00

Crude oil markets were rather quiet during the trading session on Tuesday in the early hours, as the market is digesting the gains from the previous 2 trading sessions.

Crude oil rigs, FX Empire

In this article:

Crude Oil Prices Forecast Video for 22.11.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has been somewhat quiet during the trading session on Tuesday, as we continue to see a lot of noisy behavior, but if we were to break above the high of the Monday session, then it’s likely that we could look into the $80 level. If we break down below the bottom of the candlestick for Monday, then we would threaten the $75 level, possibly opening up a move back down to the lows.

Crude oil markets are a bit noisy at the moment, due to the fact that the markets are trying to price in the idea of a major recession, or perhaps even the possibility of war in the Middle East intensifying. In other words, there are a couple of different things going on in a couple of different directions. All things being equal, this is a situation where I think you will continue to see a lot of volatility, so therefore you also have to keep an eye on your position sizing.

Brent Crude Oil Technical Analysis

Brent markets have been slightly negative during the trading session on Tuesday, but at this point it looks like we are looking at the highs from the Monday session as a short-term barrier. If we can break above there, then it’s possible that the market could go look into the $80 level above, which would offer a significant barrier as well. The 200-Day EMA above is a major barrier that continues to keep the market somewhat depressed, but if we were to break above there, then it’s possible that the market goes looking to the $85 level.

Regardless what happens next, I think you need to be cautious with your position sizing and recognize the fact that with the Thursday Thanksgiving holiday, it’s very unlikely that there will be much in the way liquidity later in the week. Because of this, it’s very likely that you are better off keeping your position size very small, or perhaps waiting until we get out of this weekend head into the following week. Either way, it looks like we are trying to sort out whether or not we have bottomed.

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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