Crude Oil Price Forecast – Crude Oil Bounces Into The Weekend

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Friday as we have broken to the $86 level. The $86 level is where we previously had seen a significant amount of support previously, so I do think that there is “market memory” to be paid attention to here. We have also formed the “death cross” in this market, which is when the 50-Day EMA crosses below the 200-Day EMA.

The $80 level underneath is a potential target, but we need to see exhaustion to start selling again. We may get that early next week, especially if we get near the $90 level, which is a large, round, psychologically significant figure and an area that I think a lot of people will be watching.

Brent Crude Oil Technical Analysis

Brent markets have rallied to break above the $90 level during the trading session on Friday, as we are threatening the previous support. If we can break above the $92 level, then we could go looking to the 200-Day EMA, which is closer to the $97 level. In other words, the market is likely to see exhaustion that we can start shorting again. That being said, you should also keep in mind that the demand for crude oil is going to be falling, and therefore it does make quite a bit of sense that we continue to go lower.

OPEC and Iran continue to do a lot of influential moves for the crude oil market, as the Iranians could be ready to start selling again soon, and of course, OPEC has done a small production cut. Whether or not that’s the case for further movement is an open story, but obviously we are in a downtrend.

Crude Oil Prices Forecast Video for 12.09.22

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