Crude Oil Price Forecast – Crude Oil Markets Go Sideways In Choppy Monday Session
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market continued to be very noisy during the trading session on Monday, as the world is still trying to figure out what it wants to do as far as a geopolitical and growth trajectory is concerned. Because of this, I think it’s probably only a matter of time before the market sells off again because there are so many issues when it comes to growth. Granted, we are hanging on to significant support but at the end of the day, there has been so much momentum to the downside that I think it is probably only a matter of time before we break through the $87 barrier, and continue to drop towards the $80 level over the longer term.
Crude Oil Prices Forecast Video for 09.08.22
Brent Crude Oil Technical Analysis
Brent markets also have turned around in the middle of the day to show signs of volatility, but I think what we have is a situation where the market is trying to figure out where the true value of Brent should be. After all, if the world is going to slow down, demand is going to drop for crude oil across the board. The $90 level underneath continues to be significant support, while the 200 Day EMA offers resistance. It still looks like a market you will probably be fading on short-term rallies, with an eye on the $90 level as being the gateway to much lower pricing. If we were to break above the 200 Day EMA above, then you have to worry about the $100 level and the 50 day EMA both offering dynamic resistance.
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