Crude Oil Price Forecast – Crude Oil Markets Bounce Slightly

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has risen ever so slightly during the trading session on Thursday to show signs of life. By doing so, the market looks as if it is trying to recover from an oversold condition, but I would not necessarily assume that this market is going to change its attitude anytime soon. After all, there is a lot of concern out there when it comes to demand, and therefore the price of crude oil will reflect that.

Underneath, the $80 level offers support, just as I believe the $86 level above offers resistance. Expect a lot of noisy behavior, as we are also starting to form the so-called “death cross.”

Brent Crude Oil Technical Analysis

Brent markets also have rallied during the trading session, as we continue to see a noisy market when it comes to crude oil. Ultimately, this is a situation where we are worried about demand yet again, and the market is going to have to deal with a global slowdown. A slowdown of course means that there will be less demand for crude oil.

We have seen a significant amount of selling pressure previously, but regardless, it’s likely that we will see that continue, but the occasional bounce is more likely than not going to be seen. Bounces should be thought of as a potential selling opportunity, especially with the 200-Day EMA sitting at the $97 level.

On the downside, this market could be going lower, perhaps reaching towards the $85 level, but I think it’s going to fight occasionally, but it must be noted that we recently have broken out of a major consolidation area, and that is something worth watching.

Crude Oil Prices Forecast Video for 09.09.22

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