Crude Oil Price Forecast – Crude Oil Markets Look for Support

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Thursday to test the $87 level, and even broke down below the $86 level. At this point, it looks like we are going to continue to see support in that general vicinity as it was the top of the previous downtrend in channel. The 50-Day EMA sitting above is a significant short-term barrier, but if we break above there, then it’s likely that we could go look into the 200-Day EMA. Ultimately, this is a market that is going to remain choppy, but if we break down below the $85 level, the bottom could fall out of this market.

Brent Crude Oil Technical Analysis

Brent markets have also fallen a bit during the trading session, testing the top of the previous downtrend channel, so therefore it’s likely that we will continue to see a lot of noise more than anything else. If we can break above the 50-Day EMA, it’s likely that we then go look into the 200-Day EMA at the $95.59 level.

If we break down below the $90 level, then it is likely that we could go down to the $85 level. After that, we could be looking at the $82.50 level. All things being equal, the market does look like it’s at an area where we could start to rally from, but we need some type of push hired to make that a viable trade. Ultimately, this is a situation where we have a lot of noisy behavior from a geopolitical standpoint, not to mention the fact that the Federal Reserve is going to tighten aggressively.

Crude Oil Prices Forecast Video for 14.10.22

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