Crude Oil Price Forecast – Crude Oil Markets Plunge Into the Weekend

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has plunged during the trading session on Friday to break below the $80 level. At this point, it looks like we are ready to continue to see a lot of selling pressure as people are starting to truly worry about demand overall. At this point, the market is likely to continue to see a lot of noisy behavior, but the fact that we have pierced the crucial $80 level tells me that we are either coming close to a capitulate towards the bottom, or we are about to see something really ugly happen.

We have formed a massive “M pattern”, which is a very negative sign. If we break to a fresh, new level, look out below, because crude oil is going to plunge.

Brent Crude Oil Technical Analysis

Brent markets have fallen significantly during the trading session on Friday as we have plunged through the $90 level. By doing so, the market looks as if it is ready to go much lower, perhaps down to the $82.50 level, where we had bounced from previously. At this point, it appears that the markets are focusing almost solely on the idea of a lack of demand, which is almost certainly going to be the case if we continue to see the economy slowdown around the world.

With that being the case, I think this has become a “fade the rally” type of market until it proves itself otherwise. We have a lot of work to do to change the attitude of the market, so this point I think you are looking at more weakness than anything else.

Crude Oil Prices Forecast Video for 21.11.22

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