Crude Oil Price Forecast – Crude Oil Markets Bounce Into the Weekend

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, as we continue to see a lot of noisy behavior. That being said, this is most certainly a market that is struggling in general, so keep that in mind. If we turn around and rally from here, then it’s likely that we could go looking to the 200 Day EMA. On the other hand, if we break down below the bottom of the lows for the trading session, then it’s likely that the market continues to flow towards the $80 level, which is most likely of outcome. I do like the idea of fading rallies anytime the signs of exhaustion.

Crude Oil Prices Forecast Video for 08.08.22

Brent Crude Oil Technical Analysis

Brent markets also have rallied quite significantly, showing signs of life. The 200 Day EMA above is going to offer bit of dynamic resistance, but at this point it looks very likely that we continue to see sellers jumping into the market regardless. With this being the case, I think that we have a situation where you fade signs of exhaustion, and start aiming for lower pricing. The $90 level makes quite a bit of sense, and I think it makes for a nice target. Keep an eye on the US dollar, because it can also have a major influence on where this market goes.

As the global economy looks like it’s going to slow down, it’s likely that there will be less demand for crude oil. This makes for a situation where the market continues to see plenty of downward and negative pressure, so I don’t see how you fight it anytime soon.

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