Crude Oil Price Forecast – Crude Oil Markets Continue to Grind

Published: Nov 14, 2022, 14:51 UTC•2min read

Crude oil markets have pulled back just a bit to kick off the trading week, as we continue to go sideways more than anything else.

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WTI Oil

-0.10

Brent Oil

+0.08

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market as pulled back just a bit during the trading session on Monday as we continue to hang around and see very little in the way of clarity at this point. After all, keep in mind that we have a lot of different things moving the oil market right now, not the least of which would be the fact that the 200-Day EMA sits just above. If we can break above there, then we could threaten the $92.50 level, and open up the possibility of a move to the $100 level. On the other hand, if we do pull back, I believe that the $82.50 level is your support.

Brent Crude Oil Technical Analysis

Brent initially tried to rally a bit during the trading session on Monday, showing signs of hesitation, breaking below the 200-Day EMA. The market has been trading in a $10 range, with the $100 level above offering significant resistance, while the $90 level underneath continues offer support. As we continue to see a lot of noisy behavior, trying to figure out whether or not there is going to be enough demand out there to drive up prices, and of course whether or not there’s going to be enough supply. OPEC previously had cut supply by 2 million barrels a day, but if there’s no demand, that may not matter as much.

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At this point, I look at this as a market that we are simply going to trade in a range, with clear support and resistance. I plan on taking advantage of that on a range bound type of system with reasonably sized trades.