Crude Oil Price Forecast – Crude Oil Markets Trying to Recover

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back during the trading session to drop down below the $90 level. However, we have turned around to show signs of life, and it now looks as if we are going to go higher, perhaps the 200 Day EMA just below the $95 level. The 50 Day EMA is sloping toward the 200 Day EMA, forming something close to a “death cross” suggesting that we may have further negativity ahead. That being said, I think it’s probably only a matter of time before the sellers jump in and sell things off.

Looking at the recent trading, you can also make an argument for a falling wedge, which is a slightly bullish signal, perhaps opening the possibility of a move toward $100. That being said, I still think it’s only a matter of time before we start selling again.

Crude Oil Prices Forecast Video for 22.08.22

Brent Crude Oil Technical Analysis

Brent markets initially fell during the trading session on Friday, but then turned around to capture the $95 level. The 200-Day EMA is sitting just above, just below the $100 level. Furthermore, we have the 50-Day EMA dropping here as well, so it certainly looks as if we have a lot of negativity just above us, and therefore think it’s probably only a matter of time before rallies get sold into. If we break down below the $90 level, then it opens up the floor for further selling. However, it certainly looks as if there is a lot of noise in this general vicinity, so I think choppiness is probably what we are going to see.

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