Crude Oil Price Forecast – Oil Continues to Drift Lower

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has drifted a little bit lower during the day on Friday, testing the $80 level. This is obviously a psychologically important figure, so it should not be a huge surprise to see the market participants come into the picture and try to lift it up. If we break down below the bottom of the candlestick, then it opens up a move down to $75. That being said, the market is likely to continue seeing a significant amount of noisy behavior, so I do think that it’s a situation where the rallies will be faded as people are starting to worry about demand again.

Brent Crude Oil Technical Analysis

Brent markets also have seen a bit of negativity during the day, but ultimately I think this is a scenario where you have the sellers coming into this picture every time he tries to rally, at least until we break above the 50-Day EMA. The $90 level of course will have a certain amount of psychology attached to it as well, so keep that in mind. For the longest time, we have been drifting lower in a descending channel, I think that continues to be the overall attitude of this market.

We recently formed the so-called “death cross”, which of course is a very negative turn of events as well. The $80 level underneath is an area that I think will continue to be important, so you do need to pay close attention to that as well. If we were to break down below the $80 level, it could send this market reeling.

Crude Oil Prices Forecast Video for 03.10.22

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