Crude Oil Price Forecast – Crude Oil Markets Pulled Back Down

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market will continue to look to the potential global slowdown for a bit of a “heads up” as to where we are getting ready to go. The $87 level underneath offers a bit of support, but with the jobs number coming out on Friday, it’s very likely that we will see a lot of volatility and people will try to transfer the idea of jobs to demand as well. We are probably due for a little bit of a bounce, but if we break down through the $85 level, it’s likely that crude oil will drop down to the $80.00 level. Either way, this is a market that continues to be extraordinarily volatile, to say the least.

Crude Oil Prices Forecast Video for 02.09.22

Brent Crude Oil Technical Analysis

Brent markets also have fallen hard during the last several sessions, and now are looking to threaten the $92 level. If we can break down below the $92 level, it’s likely that we could go down to the $90.00 level. Rallies at this point will have to deal with the 200 Day EMA which is near the $97 level, but at this point, we may have a little bit of a short-term oversold condition.

The Brent market of course will continue to be noisy, to say the least, but at this point in time, it looks like we are still favoring the downside more than anything else. Rallies more likely than not will offer shorting opportunities unless of course, we were to break above the $100 level, which would change a lot of things as it would be a major victory for the bulls.

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