Crude Oil Price Forecast – Crude Oil Markets Give Up an Early Gain

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Thursday but continues to see selling pressure just above. Looking at this chart, the 200 Day EMA continues to offer resistance, and it suggests that we continue to see a lot of trouble. The $90 level underneath could offer a little bit of support, but if we do break down below there, then it’s likely that the market will test the lows. On the other hand, if we break above the 200-Day EMA, then the market is likely to go looking to the 50-Day EMA. It’s not until we break above the $100 level that I think the market will turn things around.

Crude Oil Prices Forecast Video for 12.08.22

Brent Crude Oil Technical Analysis

Brent markets have tried to break above the 200 Day EMA and succeeded during the trading session on Thursday. That being said, the market is likely to continue to see a lot of noisy behavior, and therefore I think you will continue to see the market go back and forth therefore you need to be cautious with the position size of any trade that you are involved in. If we break down below the recent lows, that opens up the possibility of challenging the $90 level, and then down to the $80 level.

If we break above the $100 level, we will more likely than not go looking to the $104 level as a potential target, which is where I expect to see even more resistance. After all, the 50 Day EMA sits just below their end is grinding lower. Beyond that, it looks like global growth is going to slow down.

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