Crude Oil Price Forecast – Crude Oil Market Continues to Plunge

Crude Oil Prices Forecast Video for 19.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Friday, as we continue to see a lot of negativity. Keep in mind that a lot of people are concerned about the lack of demand coming as the global economy is almost certainly going to go into a recession. If that’s going to be the case, crude oil will continue to be a bit of a punching bag.

It’s worth noting that we have broken below the $75 level again, therefore it’s likely that we could go down to the $70 level. Short-term rallies will more likely than not could show signs of exhaustion that you jump on, and I have no interest in trying to buy this market until we break above the 50-Day EMA.

Brent Crude Oil Technical Analysis

Brent markets have also fallen during the day, breaking below the $80 handle. That being said, we are also in the midst of a major downtrend, so I do think the Brent has further to go. It would not surprise me at all to see the market test the lows again, closer to the $75 level. Breaking down below the $75 level would be rather negative, perhaps sending this market down to the $72.50 level.

On the other hand, if we turn around and rally, we would have to take out the highs of the last couple of days to get a short-term pop, and even then, I believe that the 50-Day EMA could be a dynamic ceiling. In other words, any rally at this point in time will more likely than not be a nice shorting opportunity if we get some type of long wick.

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