Crude Oil Price Forecast – Crude Oil Markets Test Support Level

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Wednesday but found the $90 level to be supportive enough to turn things around. The market ended up forming a bit of a hammer-like candle but looks as if it is trying to figure out what’s going on next. This makes a lot of sense, due to the fact that the jobs figures come out on Friday, which will have a major influence on what the Federal Reserve is going to do.

The 200-Day EMA is at the $94.35 level, and then the 50-Day EMA is near $96.25. On the other hand, if we were to break below the bottom of the candle, then the market is likely to go down to the $85 level.

Crude Oil Prices Forecast Video for 01.09.22

Brent Crude Oil Technical Analysis

The Brent market also felt rather hard but looks as if it’s trying to hang on to the 200-Day EMA. The $94.22 level was the bottom of the candlestick, so if we break down below there it’s likely that the market could drop down to the $90.00 level. On the other hand, if you break above the top of the candlestick, it’s likely that the market could go to the highs near the $102.80 level.

One thing I think you can count on is that this market is going to be very volatile, but that makes quite a bit of sense considering that the global economy is likely to slow down, but at the same time we could see production cuts coming out of OPEC. In other words, we are going to be all over the place.

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