Crude Oil Price Forecast – Crude Oil Markets Break Out

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday to break above the $90 level, and of course the top of the downtrend channel. After that, the market is likely to go looking to break above the 200-Day EMA, perhaps reaching the $95 level. All things being equal, this is a market that is trying to react to sanctions on Russia and of course the OPEC production cuts. However, we also have to worry about the idea of demand destruction, so I think that it’s going to continue to be noisy.

Brent Crude Oil Technical Analysis

Brent has broken above the 200-Day EMA and has even cracked the $98 level. The $98 level is a minor area, where we could take a look at the $100 level as being a bit more substantial. If we were to break above the $100 level, then it’s likely that we go higher. At this point, the market has broken above the top of the downtrend channel, therefore I think we have a situation where the markets will continue to be noisy, and are even overstretching to this point.

However, we will need to pay close attention to the 50-Day EMA, because if we break down through it, then it comes in this market right back down. In general, this is a situation where it looks like we are trying to turn things around and a lot of this is going to come down to the potential demand destruction and of course supply issues due to the fact that Europe is now trying to fight Russian oil sales again.

Crude Oil Prices Forecast Video for 10.10.22

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