Crude Oil Price Forecast – Crude Oil Continues to See Noise

WTI Crude Oil Technical Analysis

The crude oil market in the West Texas Intermediate grade has shown itself to be somewhat supported in the $75 region, and that should not be a huge surprise considering it is a large round psychologically significant figure. So, it’ll be interesting to see if we can bounce from here. If we can break higher and clear the $76 level, it’s possible that we could go looking to the $78.50 level. On a breakdown below the $74.50 level, then I think you’re probably more likely than not going to see crude oil testing the lows again, where there is a massive amount of support.

Brent Crude Oil Technical Analysis

In the Brent market, it is very much the same pattern on the chart as you would expect with the $78 level offering support. If we can clear the $80 level above, I think this is a market that probably goes looking towards the $81.50 level. If we were to break down below the $78 level, it could open up further selling here as well. Keep in mind that crude oil is a volatile market under the best of circumstances, but there are two things going on at the same time.

There are concerns about demand as the global economy appears to be slowing. And then there’s also geopolitical concerns. So, it all comes together for a market that has competing forces, pressure, and pushing things around. And that is part of why you have all of the choppy behavior. I do think that we are probably closer to the bottom than the top here. So, I am looking for buying opportunities, but I also recognize this is going to be a very volatile market going forward.

For a look at all of today’s economic events, check out our economic calendar.