Crude Oil Price Forecast – Crude Oil Markets Continue to Chop Sideways

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be rather lackadaisical, as we don’t have anywhere to be in any particular amount of time. That being said, I think this is a market that will continue to be very noisy, and I do think that it is only a matter of time before we have to make a decision as to when and where we break out of this $10 range. On the upside, we have the $90 level offering significant resistance, and on the downside, we have $80 offering significant support. Pay attention to the US dollar and global growth numbers, because they are both working against oil at the moment.

Brent Crude Oil Technical Analysis

Brent markets have gone back and forth during the session as well, but have settled on more soft behavior than anything else. I do think that it is probably only a matter of time before we see this market have to make a bigger decision as well, but we are getting ready to form the so-called “death cross” when the 50-Day EMA starts to cross below the 200-Day EMA, a very ominous long-term sign.

If we break down below the $85 level, then it’s likely that this market falls apart. I don’t necessarily expect that to be the case, but if we did, things could get rather ugly in short order. On the upside, we can break above the moving averages, then we could test the $100 level. I do believe that this is a market that will continue to be very erratic to say the least, so therefore you need to be positioned correctly.

Crude Oil Prices Forecast Video for 22.09.22

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