Crude Oil Price Forecast – Crude Oil Markets Trying to Stabilize
WTI Crude Oil
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Thursday to reach down towards the $76.35 level only to turn around and show signs of stability. The 50 day EMA above offers a bit of resistance, and if we can break above that level then it is likely that we could go higher, perhaps reaching towards $85 level. The $85 level of course would be an area that we had seen a lot of resistance previously, and therefore I would look at it as a potential target over the next several weeks. If we break down below the $75 level, then it is possible that we could see a deeper correction towards the $70 level and/or the 200 day EMA.
Crude Oil Video 19.11.21
Brent
Brent markets pulled back just a bit during the course of the trading session on Thursday but has turned around to show signs of life again. By doing so, the market looks as if it is going to stabilize and retire as well, with $85 also be in a target in this market. If we break down below the bottom of the candlestick, then we go looking towards the $75 level. We are currently hovering around the $80 level, and that is something that is worth paying attention to as it is a large, round, psychologically significant figure. All things been equal, oil looks as if it is ready to go higher, as we have simply seen a short-term pullback over the last couple of weeks, but it looks like we are ready to resume relatively soon.
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This article was originally posted on FX Empire
