Crude Oil Price Forecast – Crude Oil Markets Give Up An Early Gain

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied initially to reach the $90.00 level but has turned around to show signs of weakness yet again. Ultimately, the candlestick shows that we are threatening everything we can to break down. If we break down below the $85 level, that could send this market much lower. Ultimately, we continue to see the short-term rally as an opportunity to start selling again.

If we were to break above the top of the candlestick and clear the $90 level, then it’s possible that we could go to the 200-Day EMA, which sits at roughly $94.

Brent Crude Oil Technical Analysis

Brent rallied during the day to test the 200-Day EMA as well but fell as the WTI market did. The $90 level underneath should continue to show plenty of support, so if we break down below that level it would be the next leg lower just waiting to happen. Keep in mind that a lot of people were concerned about the lack of demand, and at the same time, we have to fight the idea of OPEC possibly getting more aggressive to cut production.

That being said, it’s very unlikely that we take off for a clean move anytime soon. Fading short-term rallies continue to be the most likely scenario. However, if we do break down below the $90 level, it’s likely that we could see this market drop pretty quickly. Keep an eye on the US dollar as well, that can have a negative influence on this market as well as the interest rate markets, because it does provide a bit of rocket fuel for the greenback.

Crude Oil Prices Forecast Video for 07.09.22

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