Crude Oil Price Forecast – Crude Oil Continues to See Pressures

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market fell rather hard during the early hours on Friday as we have sliced right back through the 75 dollars level. This is a market that quite frankly I think has to sort out quite a bit as there are geopolitics out there to worry about and then of course we have to wonder whether or not the economy is going to slow down enough to cause major problems. With this being the case, I think the $71.50 level underneath is an area you’ll have to watch very closely because it has been massive support.

I do think that there are traders out there willing to buy on the dip because quite frankly, this is a market that has a fairly well-defined range, and the $71.50 level continues to really fight to the upside. Whether or not we can take off to the upside for a bigger move, that remains to be seen.

Brent Crude Oil Technical Analysis

Brent markets look very much the same as we struggle with the idea of what to do with ourselves. Ultimately, I think this is a market that could go looking to the $75.50 level, which is an area that has been massive support over here. Keep in mind, it’s the same scenario here where we have to worry about whether or not the risk appetite will make sense for crude oil to go higher or demand.

There are geopolitical issues, like I said, there’s still a hot war in the Middle East and in southeastern Europe. So, all of that comes into play as well. Expect volatility, but I think there’s going to be a little bit of a floor underneath. If you enjoyed the video, give me a thumbs up and subscribe.

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