Crude Oil Price Forecast – Crude Oil Starting to Slow Down

Crude Oil Prices Forecast Video for 16.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has slowed down on Thursday as it looks like we are running out of some momentum. Ultimately, I think this is a situation where we continue to see a lot of hesitation, and therefore I am looking for signs of exhaustion that I could start selling into. After all, with demand dropping it just isn’t going to be a good environment for crude oil. We’ve been in a downtrend for a while, so it makes a lot of sense that we would continue to see that, unless of course something changes quite radically from a global standpoint, but as we are getting close to the holidays, it’s difficult to imagine that happening. With this, we may have just seen a bit of short covering to take profit.

Brent Crude Oil Technical Analysis

The Brent market has done very little during the trading session on Thursday, but it looks like we are going to pay close attention to the $82.50 level, an area that has been important a couple of times in the past. Ultimately, this is a market that I think will continue to see a lot of noise above, and we are in a downtrend for very good reasons, the most of which involve the fact that the market is likely to continue to see a lack of demand globally.

If we turn around to break down below the $80 level, I suspect that we are going to see more selling pressure in this market, and we could reach the lows rather quickly. The 50-Day EMA sits at the $87.70 level and is dropping, so I think that is a bit of a ceiling in the market.

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