By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
News HonourNews Honour
Search
Reading: Crude Oil Price Forecast – Crude Oil Markets Run Into Exhaustion – FX Empire
Share
Notification Show More
Aa
Aa
News HonourNews Honour
Search
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
News Honour > Blog > Investments > Crude Oil Price Forecast – Crude Oil Markets Run Into Exhaustion – FX Empire
Investments

Crude Oil Price Forecast – Crude Oil Markets Run Into Exhaustion – FX Empire

Editor
Last updated: 2023/11/18 at 11:33 PM
By Editor 3 Min Read
Share
SHARE

The West Texas Intermediate Crude Oil market initially gapped higher to kick off the trading session on Friday, but it looks like we are running into a little bit of exhaustion. Ultimately, this is the market that I think continues to see a lot of noisy behavior, and therefore we need to pay close attention to the latest headlines coming out of the Middle East. Granted, supply is still a major issue, but ultimately it looks like the $90 level is offering a bit of a barrier.
If we were to break out above the $90 level, then it opens up the possibility of a move to the $95 level. If we turn around and break down from here, the $87.50 level is a major support level. Underneath there, the 50-Day EMA is hanging about the $85 level, which obviously would make a significant amount of support as well. I think the only thing you can probably count on is going to be a lot of noisy and choppy behavior, so keep this in mind as well.
Brent markets also rallied quite drastically at the open, but then turned around to show signs of exhaustion as well. It looks like the $95 level above is going to offer a significant barrier, and right now it doesn’t look like we are ready to break above there. Ultimately, I think short-term pullbacks will end up being buying opportunities, with the $90 level underneath offering a significant amount of support. Breaking down below there then opens up the 50-Day EMA as well, so I don’t necessarily think that selling the market is possible, at least not at this point.
If we were to break above the $95 level, then the Brent market will almost certainly go looking to the $100 level, which I think a lot of people are expecting anyway. Ultimately, this is a market that remains “buy on the dips”, and I just don’t see that changing anytime soon. There’s a lack of supply, and certainly there are plenty of geopolitical concerns out there that have to be paid close attention to as well.
For a look at all of today’s economic events, check out our economic calendar.

source

You Might Also Like

Nifty and Bank Nifty Predictions (Dec 11-15, 2023) by BL GURU: Bullish Momentum Continues, Key Insights on US Fed FOMC Meeting and Dow Jones – BusinessLine

Bank Nifty hits record high of 47,303, clocks biggest weekly gain since July 2022 – Moneycontrol

Bank Nifty trading with positive bias after hitting new high; buy at these levels, watch volatility – Moneycontrol

Bank Nifty prediction today – Dec 8, 2023: Index likely to hit new highs – BusinessLine

Bank Nifty prediction today–Dec 7, 2023: Exhibits bearish inclination – BusinessLine

TAGGED: Articles
Editor November 18, 2023 November 18, 2023
Share This Article
Facebook Twitter Email Print
Previous Article Priciest home sales in Woodbury – Long Island Business News
Next Article Dow Jones Futures Fall With Market Rally Near Lows; This Fear … – Investor's Business Daily
Leave a comment

Leave a Reply Cancel reply

Connect with:
Facebook Google Twitter

Your email address will not be published. Required fields are marked *

Stay Connected

Facebook Like
Twitter Follow
Youtube Subscribe
Telegram Follow
- Advertisement -
Ad image

Latest News

Box Office: Hayao Miyazaki’s ‘The Boy and the Heron’ Soars to Record $12.8M U.S. Opening – Hollywood Reporter
Latest News
Nifty and Bank Nifty Predictions (Dec 11-15, 2023) by BL GURU: Bullish Momentum Continues, Key Insights on US Fed FOMC Meeting and Dow Jones – BusinessLine
Investments
Hollywood Christmas Parade will take place at Town Center – ABC NEWS 4
Latest News
Disney's Hollywood Studios to close early tonight – wdwmagic.com
Latest News
Newshonor © 2023. All Rights Reserved.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Register Lost your password?