Technical Analysis of WTI Crude Oil
The West Texas Intermediate Crude Oil market pulled back somewhat in the early hours Wednesday, but now it looks like the market is attempting to break higher, perhaps even attempting to break out of the short-term range we have been locked in I think it is very likely that it will continue to be very noisy as the 50-day EMA is just above it. If we can break up there, then the next target could be the 200-day EMA, which would also fill the gap from a few weeks ago, which of course the futures markets are happy to do. On the other side of the trade, if we break below the week’s lows, it is likely that we could drop to the $80 level.
Brent Crude Oil Technical Analysis
Brent is also initially down but it looks like the $90 level is trying to provide enough support to keep the market afloat. At this point the 50-day EMA is just above it and I think that is giving the market some resistance. If we break up there, it is possible that the 200-day EMA will be targeted next. Regardless, I think this is a situation where you were looking for signs of exhaustion to start selling as we were in a range and not much has changed in the fundamental situation. That being the case, I think you should wait for some more choppy but sideways behavior coming not only from the Brent but also from the WTI market.
10/27/22 crude oil price forecast video
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