Crude Oil Price Forecast – Crude Oil Markets Continue to Plunge

Crude Oil Prices Forecast Video for 07.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen a bit during the session on Tuesday, as it looks like we are trying to continue the overall downtrend. Keep in mind that a lot of this is going to come down to whether or not the demand will pick up, but quite frankly it does not look like it’s going to. Furthermore, OPEC has refused to cut back on production, so that as yet another reason to think that crude oil markets will continue to be soft.

If we break down below the hammer from last week, we could see the WTI market dropped to the $70 level. On the other hand, if we turn around and rally, then keep an eye on the $82.50 level, which has offered a little bit of a short-term ceiling.

Brent Crude Oil Technical Analysis

Brent markets have also fallen, as they are threatening to break down below the hammer from last week. At this point, it looks like $80 will be challenged, which I would anticipate a certain amount of support there based upon the fact that is a large, round, psychologically significant figure. Breaking down below that level then opens up the possibility of a move much lower, down to the $77.50 level.

I think at this point we continue to see a lot of “fading the rallies” type of attitude in this market, and therefore I’m waiting for signs of exhaustion. Ultimately, this is a situation where I just don’t see how we take off anytime soon. That being said, if we break down below the $80 level, things could get rather ugly in both grades of crude oil.

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