Crude Oil Price Forecast – Crude Oil Markets Have Choppy Session

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has seen quite a bit of choppy behavior during the trading session here on Thursday, as the markets continue to sit just above the $80 level. Ultimately, this is a market that I do think has a lot of downward pressure going forward, so it’s difficult to get overly excited. I look at rallies as potential fading opportunities, in a market that has struggled quite a bit for a while. Remember, one of the biggest problems that we are going to see is that there is a serious lack of demand as the global economy slows down. Fading signs of exhaustion will be the way I continue to trade this market.

Brent Crude Oil Technical Analysis

Brent markets have gone back and forth during the session on Thursday as well, as we continue to see a lot of noisy behavior overall. Ultimately, this is a market that I think will continue to be a lot of noise more than anything else, but ultimately this scenario is one that I see as a “fade the rally” of the situation as well. It’s difficult to get overly excited one way or the other about this, but if we were to break above the 200-Day EMA, then I might be convinced, but at this point it seems very unlikely, therefore I am looking at this as a potential drop down to the $80 level given enough time.

Ultimately, global demand continues to crater, which of course works against the value of crude oil as demand is certainly going to fall right along with it. If we break $80 underneath, look out below.

Crude Oil Prices Forecast Video for 30.09.22

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