Crude Oil Price Forecast – Crude Oil Markets Sit Quietly

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during trading on Tuesday as we are approaching the psychologically significant $90 level. The $90 level is an area that you have to pay close attention to it because it, of course, attracts a lot of attention in and of itself and there are options and barriers there. We have bounced to get there, and now it looks like we are stalling. It’s also worth noting that we have sold off from there previously, so on a breakdown below the bottom of the candlestick for the session on Tuesday, I think that we probably looked towards the lows again.

Brent Crude Oil Technical Analysis

Brent markets have gone back and forth during the trading session on Tuesday as we continue to see a lot of noisy behavior in general. The 200-Day EMA sits just below the $97 level, but it is worth noting that the $95 level has been important on short-term charts as well. Much like the WTI market, I think we are starting to run out of momentum, and it certainly looks as if we could pull back from here. The $90 level of course would be the first target, but if we break down below there, you could be looking at a move down to the $85 level.

I don’t have any interest in buying crude oil right now, the global economy is going to be slowing down too much. We are in a downtrend, or at least getting very close to being in one, so this point the bulls will have to do everything they can to convince the market otherwise.

Crude Oil Prices Forecast Video for 14.09.22

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