Crude Oil Price Forecast – Crude Oil Markets Pulled Back Again

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market gapped lower to kick off the trading session on Wednesday, but then turned around to fill the gap and test the $90 level. Since then, we have seen the markets fall, as traders are focusing on the lack of demand out there. Whether or not they focus on the lack of supply might be a different question, but at this point in time it looks like the global slowdown is the thing that people were paying the most attention to.

Looking at the start, the 200-Day EMA sits above and has offered a significant amount of resistance, so that could be a target on our recovery. Keep in mind that we are sitting on the top of a downtrend channel as well, which should in theory offers little bit of “market memory.”

Brent Crude Oil Technical Analysis

Brent markets have pulled back during the session to test the top of the previous down trending channel, and therefore it’s possible that we have a certain amount of buying pressure in this area. We are trying to bounce from that channel early in the day, so we will have to see how this plays out. Either way, we should see a lot of noisy behavior, and of course the fact that OPEC+ has cut production by 2 million barrels is something that will not be ignored. On the other hand, people are also worried about demand at the same time so we will have to keep all of that in the back of our minds. A breakdown below $90 could collapse the whole thing but right now it’s very unlikely.

Crude Oil Prices Forecast Video for 13.10.22

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