November 24, 2022
  • November 24, 2022

WTI Crude Oil Forecast:

By on October 31, 2022 0
  • The West Texas Intermediate Crude Oil market did very little in Friday’s trading session as we saw a bit of non-volatile trading for a few straight days.
  • It’s interesting to see it here, as it looks like we’re at the top of the near-term consolidation range.
  • After all, the market may see some selling pressure then, and so it is likely that we will continue to see the range play out.

Oil prices offer great trading opportunities

Keep in mind that a lot of people are hanging around the markets and either focusing on the fact that OPEC has cut production by 2 million barrels per day or that the global economy is slowing down. At this point, there seems to be a lot of confusion due to these two things happening at the same time, and so I think it makes a lot of sense that we continue to see more side action than anything else.

Waiting for a fund

However, it should also be noted that we have recently crossed a trendline and our aim is to go sideways. It’s the start of a potential trend change, but we’re not there yet, so if we were to turn around and break above the 200-day EMA, we’re likely to go much higher.

On the other hand, if we were to turn around and drop below the $82.50 level, we would likely start turning towards the $80 level and then maybe even lower than that. If we get this decision, it’s likely we’ll see a lot of negative pressure. Keep in mind crude oil is a current situation where it’s trying to figure out if people are going to continue to see global growth, or if we’re going to see a situation where there just isn’t enough demand because everything slows down. The next two weeks could be crucial as we try to determine if the market has finally bottomed or if it is just a pause on a much lower move. In the short term, if you could trade both ways, this might be the way to go on shorter timeframes.

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