Crude Oil Price Forecast – Crude Oil Markets Break Support

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen hard during the trading session on Friday, slicing through the crucial $80 level. At this point, it will be interesting to see how the market behaves due to the fact that the Americans have already announced that they are willing to buy oil near the $80 level. Nonetheless, demand is falling off of a cliff, and it’s difficult to get excited about buying this market. Rallies will more likely than not see a significant amount of resistance, especially near the top of the candlestick for the day which is basically the $84 level. As far as the target is concerned, $77.50 would more likely than not be the next one.

Brent Crude Oil Technical Analysis

Brent markets also felt during the trading session on Friday to break through the $88 level. At this point, it looks like the market is more likely than not going to continue to go much lower, and be a “fade the rally” type of situation. After all, global demand is falling off of a cliff, and that of course is not going to be good for the market. I think given enough time, we could see a breakthrough the $85 level, and perhaps a test of the $80 level.

Keep in mind that crude oil is the lifeblood of economic growth, but if there is no growth, there is no need for crude oil. I do think that we are going to see a lot of ugliness in the short term, and perhaps through the winter. Oil has been trading in a descending channel for some time, and I don’t see how that changes anytime soon.

Crude Oil Prices Forecast Video for 26.09.22

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