Crude Oil Price Forecast – Crude Oil Markets Pulled Back Into the Weekend

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market is falling into the weekend as we have seen a complete swallow of the previous candlestick. Ultimately, this is a market that I think you continue to see a lot of noisy behavior, but now we are sitting on top of the previous downtrending channel, so market memory should dictate a bit of support here. However, you also have to keep in mind that the markets are extraordinarily worried about the idea of a global slowdown destroying demand. At the same time, you have OPEC cutting output, so I think you will continue to see a lot of volatility right around this area.

The 200-Day EMA states right around the $92 level, and if we could turn around a break above there then oil becomes a very bullish market. On the other hand, if we break down below the $85 level, then it’s likely that we are going to see and move down to the $82.50 level.

Brent Crude Oil Technical Analysis

Brent markets are behaving similarly as you would expect, selling off heading into the weekend. Ultimately, the 50-Day EMA is sitting right in the middle of the overall trading range that we have been in over the last 3 days, and therefore it makes perfect sense that we are going to continue to consolidate. However, if we were to break down below the $90 level, we would reenter that previous downtrend in channel, and could open up a move down to the $85 level.

Alternatively, if we can turn around a break above the 200-Day EMA, then it’s likely that we could go look into the $99 level, possibly even eventually the $100 level.

Crude Oil Prices Forecast Video for 17.10.22

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