Forecast of Crude Oil Price – Crude Oil Markets Have Choppy Session

The crude oil market has fluctuated during Thursday’s trading session, but the overall sentiment remains negative.

Analysis of WTI Crude Oil Technicals

Thursday’s trading day on the West Texas Intermediate Crude Oil market was marked by a great deal of tumultuous activity, as prices continue to hover just above the $80 threshold. Ultimately, I believe this market will have significant downward pressure in the future, thus it is difficult to get too excited. In a market that has struggled for a considerable amount of time, I view rallies as possible fading opportunities. Remember that a severe lack of demand will be one of the greatest challenges we will face as the global economy slows. I will continue to trade this market with diminishing indications of tiredness.

Analysis of Brent Crude Oil Technical Data

Brent prices have fluctuated during Thursday’s session, as we continue to observe a great deal of erratic behavior overall. Ultimately, I believe this market will continue to be dominated by noise, but I also view this scenario as a “fade the rally” opportunity. If we were to break above the 200-day exponential moving average, then I might be convinced, but at the moment it looks extremely improbable, so I am viewing this as a potential decline below the $80 level given sufficient time.

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Ultimately, worldwide demand continues to plummet, which works against the value of crude oil, as demand will inevitably continue to decline. If we breach $80 below, watch out below.

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