Crude Oil Price Forecast – Crude Oil Markets Pull Back a Bit During Thursday Volatility

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back to the 50-Day EMA, which of course is an indicator that a lot of people pay close attention to. The $90 level is basically a magnet for price at the moment, and therefore I look at these as a market that is trying to figure out his next move and whether or not the $90 level will matter.

The 200-Day EMA sits right around the $91 level, and I think offers a bit of the ceiling in the market currently. If we were to break above the 200-Day EMA, it’s likely that we will continue to see this market looking to reach the $95 level, possibly even the $100 level. On the other hand, if we turn around and break down below the $85 level, it opens up the possibility of a move down to the $82.50 level. Breaking down below that level then opens up the $80 level.

The choppy and noisy behavior that we have seen over the last couple of weeks is more likely than not going to continue, as the world tries to determine whether or not demand is going to pick up in a potentially global recession.

Brent Crude Oil Technical Analysis

Brent markets hang right around the $95 level currently, and the 200-Day EMA is causing a bit of noise. That being said, the market is likely to continue to see a lot of choppy behavior, but I think it’s more likely than not going to be a situation where people are willing to buy dips. The $90 level underneath should be massive support, and if we were to break down below there, then it’s possible that the market could go looking to the $82 level.

Crude Oil Prices Forecast Video for 04.11.22

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