Crude Oil Price Forecast – Crude Oil Markets Continue to Test Support

WTI Crude Oil

The West Texas Intermediate Crude Oil market has fallen a bit at the open as we gapped lower. However, the market has turned around to show signs of life and therefore it’s likely that we continue to see plenty of downward pressure. Ultimately, this is a market that I think given enough time will have to make a decision about the $87 area, because it has offered quite a bit of support previously. The market breaking down below there opens up the possibility of a move down to the $80 level. Ultimately, this is a market that I still believe you “fade rallies.”

Crude Oil Prices Forecast Video for 17.08.22

Brent Crude Oil Technical Analysis

Brent markets have gapped lower as well, as we continue to threaten the $92.50 level. The $92.50 level has been important multiple times, and therefore it’s worth paying attention to. Rallies at this point will still have to deal with the 200 Day EMA at the $97.43 level, and I think it is probably only a matter of time before we see sellers come in and push the market to the downside.

The 50 Day EMA is above there and slowly lower as well, and it’s not too awfully far from trying to form some type of “death cross” as well. Ultimately, this is a market that I think continues to see a lot of interest, as there are a lot of concerns about the global economy slowing down, which of course will bring down demand for crude oil. The market continues to be very noisy, so you should be cautious with the position sizing, but right now I don’t see any reason to get bullish.

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