Crude Oil Weekly Price Forecast – Crude Oil Markets Continue to Fall
WTI Crude Oil Weekly Technical Analysis
The West Texas Intermediate Crude Oil market has fallen again during the week, plunging below the $90 level. With this being the case, the market looks as if we are ready to go much lower. If we were to break down below the bottom of the candlestick, then it opens up the possibility of going down to the $80 level. Granted, this is a market that is very noisy but it certainly looks as if the negativity continues, and therefore I think we got a situation where you have to look at this through the prism of a lack of demand, as global markets are certainly going to start pricing in a major slowdown. That drives down demand.
Crude Oil Prices Forecast Video for the Week of 08.08.22
Brent Crude Oil Weekly Technical Analysis
Brent markets also felt rather hard, crashing through the 50 Week EMA. If we can break down below the bottom of the candlestick, that opens up the possibility of a drop below the $90 level. In that scenario, we could see the market drop down to the $80 level next. We had recently broken through a major trend line and now have confirmed that negativity.
What’s worth noting is that even though OPEC barely increased production, the reality is that prices continued to fall anyway. This tells you just how much concern there is about the man, and therefore you need to be paying close attention to the markets and what they are trying to tell you at the moment. Rallies are more likely than not going to get sold into, and a breakdown below the $90 level could open up quite a bit of selling pressure.
For a look at all of today’s economic events, check out our economic calendar.