Crude Oil Price Forecast – Crude Oil Markets Attempt a Recovery on Thursday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has bounced a bit during the day to test the $90 level. The $90 level has been resistance previously, as well as support and of course, has a certain amount of psychology attached to it. Because of this, it makes perfect sense that we are hanging about this area. We continue to pay close attention to the Iranian nuclear deal because it could unleash even more oil into the market. If that’s going to be the case, that would be negative for pricing, as it would bring up supply. Regardless, I still think this is a “fade the rally” type of market, especially if we were to pop to the 200 Day EMA above.

Crude Oil Prices Forecast Video for 19.08.22

Brent Crude Oil Technical Analysis

Brent markets have also rallied a bit, to break above the $95 level. By doing so, the market looks as if it is going to continue to be very noisy, and therefore I think eventually we will probably get another shorting opportunity. The 200 Day EMA sits at the $97.34 level, so that would be the first place I would look for signs of exhaustion. After that, we have the 50 Day EMA at the $101.72 level dropping, suggesting that there could be a bit of resistance in that area as well. Either way, I think this is a market that eventually will have to figure out what it wants to do longer-term, and then we will be able to follow it. As things stand right now, most certainly looks as if there’s more negative pressure on oil than positive. In this scenario, I look to fade rallies.

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