Crude Oil Price Forecast – Crude Oil Markets Continue Sideways Dance
WTI Crude Oil
The West Texas Intermediate Crude Oil market continues to have nowhere to be, as we can see on the daily chart. The 200 day EMA is sitting at roughly $41, and that seems to be an area that people are paying quite a bit of attention to. That being said, I believe that the market will more than likely go back and forth for a while, at least until we get some type of solution with stimulus in the United States. Quite frankly, that will probably push oil higher, at least for the short term. The $43.50 level above offers resistance, and a break above there could open up the door to the $45 level.
Crude Oil Video 22.10.20
Brent
Brent markets also could put you to sleep if you pay too much attention to them. We continue to go sideways around the 50 day EMA, with nowhere to be due to the fact that we do not know about stimulus, we do not know about whether or not OPEC plus will continue to cut production, and of course demand is still a major question. Looking at this chart, you can make an argument for a return to the $42 level, but if we break down below there then we could go down to the $40 level. Alternately, if we break the highs of the last several sessions around $43.50, then we will go looking towards the 200 day EMA which is just underneath the $45 level. With this, we are essentially in “no man’s land.”
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This article was originally posted on FX Empire
