WTI Crude Oil Forecast: Gives Up The Opening Surge
10.27.2022 By TankTerminals.com - NEWS

October 27, 2022 [MENAFN] – This is a very interesting market now, because the recent cutback of production by OPEC of 2 million barrels per day seems to have had minimal impact.

 

This shows just how concerned people are about the global economy, as the global economy runs on crude oil. The idea of course being that if there is a lot of economic activity, there will be a lot of shipping and transportation, which of course demands a lot of crude oil.Waiting for a“Fade the Rally” Situation

Now that we have failed at the 50-Day , it suggests that we are going to continue to see more of a“fade the rally” type of situation, at least in the short term. However, if we were to break above the 50-Day EMA, that cuts in this market higher. In that move, I would be looking for crude oil to go looking toward the 200-Day EMA, which is roughly $92 or so. On the downside, we could be looking at a move down to the $80 level if we continue to see a lot of negativities.

You can see that I have a channel drawn on the chart that we had thrown over previously, and now it looks like we are trying to jump back into it. If it’s going to be the case, we should continue to see a lot of negativities but it must be said that oil has been absolutely crushed over the last several months. If there is a lot of fear out there, oil is going to struggle to catch a serious longer-term bid. If you read my analysis yesterday, you know I talked about the possibility of going sideways, and this candlestick does suggest that the very least that we are not going to be going higher in the short term based upon price action.

Ready to trade our today? We’ve made a list of worth trading with.

Book a demo to see how to offer, bid and book tank capacity globally. Quick and easy.

WTI Crude Oil Forecast: Continues to Threaten Support
12.01.2022 - NEWS
December 1, 2022 [DailyForex] – We are on the precipice of either forming a massive double ... Read More
Oil Updates — Crude Prices Up; Chevron Awaits Venezuelan Oil Cargoes
12.01.2022 - NEWS
December 1, 2022 [Arab News] – Oil rebounded on Tuesday after falling to more than 11-month... Read More
WTI, Brent Prices Slip
12.01.2022 - NEWS
December 1, 2022 [Financial Tribune] – Oil prices slid on Wednesday as Covid-19 cases in Ch... Read More
A Volatile Year for Oil Markets
12.01.2022 - NEWS
December 1, 2022 [TheStreet] – One month ago, with inventories of diesel fuel and gasoline ... Read More