Crude Oil Price Forecast – Crude Oil Markets Continue to Struggle

Christopher Lewis
2 min read
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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Monday, as we continue to see the $105 level cause a bit of a reaction. Because of this, the market looks as if it is going to continue to see noisy behavior, but we did break down below a major uptrend line, so it is worth noting that it has offered dynamic resistance. If it does continue to cause selling pressure, it’s likely that this market could drop to the $100 level. After that, we have the 200 Day EMA near the $95 level.

The alternate scenario as we break above the height of the last couple of days, but then will have to deal with the 50 Day EMA above, which is currently just above the $108 level.

Crude Oil Prices Forecast Video for 12.07.22

Brent Crude Oil Technical Analysis

Brent markets also have pulled back from a significant trendline, so with that being the case, I think we have a very similar situation here. If we break down below the low of the Monday session, we could continue down to the $100 level, which is an area that features previous support. The $100 level has a lot of psychology attached to it as well, so that is obviously worth paying attention to also. If we were to break down below the 200 Day EMA, then the market could very well drop from there to go to the $90 level.

Rallies at this point continue to be looked at with suspicion, but if we were to take out the 50 Day EMA, it could change attitudes. Keep in mind that we are paying close attention to the idea of a slowing global economy.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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