Crude Oil Price Forecast – Crude Oil Markets Continue to Fight
Technical Analysis of West Texas Intermediate Crude Oil
The WTI market pulled back a bit during the trading session on Monday, as we continue to see the $105 level causing little reaction. Because of this, the market looks as if it will continue to see tumultuous behaviour, but we did break below a major uptrend line, so it’s worth noting that it offered dynamic resistance. If it continues to create selling pressure, this market will likely drop to the $100 level. Next, we have the 200 day EMA near the $95 level.
An alternative scenario where we have broken above the high of the past two days, but then we will have to deal with the 50 day EMA above, which is currently above the $108 level.
Crude Oil Price Forecast video for 12.07.22
Brent crude technical analysis
Brent markets also pulled back a significant trend line, so I think we have a very similar situation here. If we break below the Monday session low, we can continue going down to the $100 level, an area marked by previous support. The $100 level has a lot of psychology attached to it as well, so this is clearly worth paying attention to as well. If we break below the 200 day EMA, it is possible for the market to go down well from there to go to the $90 level.
Advances at this point continue to be viewed with skepticism, but if we were to take out the 50 day EMA, that could change attitudes. Keep in mind that we pay close attention to the idea of a slowdown in the global economy.
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