Crude Oil Price Forecast – Crude Oil Markets Drift Lower in Thin Trading
Crude Oil Prices Forecast Video for 25.11.22
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market was only open for a few hours during the trading session on Thursday, as it was Thanksgiving in the United States. That being said, you can still glean some information from the chart. For example, this is a market that has been falling for a while and is now threatening the significant support level underneath. Ultimately, if we break down below the $75 level, this market could really start to come apart.
Brent Crude Oil Technical Analysis
Brent markets also look threatened, as we are getting close to the crucial $82.50 level. If we break down below there, it’s likely that we would see the market come undone quite drastically. At this point, a lot of people are starting to focus on whether or not there is going to be enough demand out there to lift prices, as we are heading into a major recession from all accounts. With that being the case, you need to look at this through the prism of demand, at least that’s what the market seems to be focusing on right now.
On the other hand, if we turn around and take out the red candlestick from the Wednesday session, then it could have this market looking to take out the $90 level, and then meeting the 50-Day EMA. At this point, we are questioning whether or not we are at the bottom of a range, or if we are going lower. Quite frankly, things look pretty dire on the economic outlook, and therefore oil will continue to be pressured in general, all things being equal. At this point, I’m watching that $82.50 level closely.
For a look at all of today’s economic events, check out our economic calendar.