Crude Oil Price Forecast – Crude Oil Markets Rally on Tuesday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back just a bit during the trading session on Tuesday but has turned around to show signs of life and rally a bit. That being said, you should pay close attention to the fact that the $90 level has offered support. However, if we were to break down below the $87 level, then the market probably breaks down to the $80 level. Because of this, the market continues to be noisy but more often than not you have to focus on the fact that we are seeing a severe lack of demand due to the fact that economies around the world are slowing down. Because of this, I’m looking for an opportunity to short this market but don’t have it right now.

Crude Oil Prices Forecast Video for 10.08.22

Brent Crude Oil Technical Analysis

Brent markets have turned around to show signs of life and bounced from the $95 level. The market is hanging around the 200 Day EMA, and perhaps go look into the $100 level. The $100 level is an area that you will continue to see psychological interest around, so I think somewhere in that area we may get a selling opportunity. However, we could also rally all the way to the 50 Day EMA and stay within the consolidation area that we have been in.

Regardless, this is a market that I’m not bullish on and I think that continues to be the case because even though OPEC has barely botched when it came down to increasing production, prices have fallen in the face of that. Because of this, the market is telling us that the recession coming down the road is the main focus.

For a look at all of today’s economic events, check out our economic calendar.