Crude Oil Price Forecast – Crude Oil Markets Pull Back Into the Weekend
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has pulled back a bit from the 200 Day EMA, so it does make a certain amount of sense that we could drop down to the $90 level. At this point, the 200 Day EMA continues to offer at least dynamic resistance, but at this point, it’s likely that we will continue to see a lot of downward pressure, and a breakdown below the $87 level could open up even more selling pressure.
On the other hand, if we turn around a break above the 200 Day EMA, then it’s likely that we could go looking to reach the 50 Day EMA which sits just below the $100 level. All things being equal, this is a market that I think continues to see a lot of negativity more than anything else.
Crude Oil Prices Forecast Video for 15.08.22
Brent Crude Oil Technical Analysis
The Brent markets have also pulled back but are sitting on top of the 200 Day EMA instead of below it. That being said, the $100 level seems to have offered enough psychological resistance to turn the market around, and therefore it does make quite a bit of sense that we would see plenty of noise in that area. At this point, if the Brent market were to break down below the $95 level, then it’s possible that we could go down to the $92.50 level. Underneath there, then the market starts to reach down to the $90 level.
On the upside, if we do break above the $100 level, the 50 Day EMA could offer quite a bit of resistance, perhaps even the 104 level could be the target that buyers aim for. Regardless, I think it’s more of a “fade the rallies” type of situation.
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