Crude Oil Price Forecast – Crude Oil Markets Threatening a Breakout

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gapped lower to kick off the trading session on Monday but turned around to show signs of strength. By doing so, the market tested the 200-Day EMA, but then found plenty of buyers underneath to show signs of life again. Ultimately, this is a market that I think continues to see a lot of noisy behavior, and I do think that it is only a matter of time before we would see some type of bigger move. If we can break above the $94 level, it’s likely that you could see the market go looking to the $100 level. On the other hand, if we were to turn around and break down from here, the 50-Day EMA sits at the $88 level, a potential support level.

Brent Crude Oil Technical Analysis

Brent markets pulled back as well but have also turned around and it looks like we are ready to go looking to the $100 level. The $100 level of course is a large, round, psychologically significant figure that a lot of people will pay close attention to, and therefore if we break above there, I think it will bring in fresh buying, perhaps sending the Brent market to the $105 level.

The market pulling back from here could go looking to the 200-Day EMA, which sits near the $95 level. That is an area that has been important, and therefore I think it’s only a matter of time before we would see a little bit of a buying opportunity. On the other hand, the market will continue to see volatility, so if we were to break down below there, then it’s possible that we could go down to the $90 level.

Crude Oil Prices Forecast Video for 08.11.22

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