Crude Oil Forecast 12/09: Support As Range Persists (Video)

(MENAFN- Daily Forex)

• The light sweet crude oil market has fallen a bit during the early hours here on Thursday as we continue to see a lot of volatility.
• All things being equal, it's worth noting that the $62 level sits underneath and it does look like we have tried to form a bit of a double bottom off that level.
• If we were to break down below the $62 level, then it's likely that the market will go to the $60 level.

Rallies at this point in time opens up the possibility of a move higher to the 50-day EMA, which would not surprise me at all. If we can break above the 50-day EMA, then it's likely that we could go looking at the 200-day EMA at the $67 level. This is an area that will remain very important.

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Keep in mind that crude oil has to fight the fact that the United States, OPEC and Russia are all pumping out massive amounts of crude oil. And that of course has a major influence on what could happen next. Ultimately, I do think that it is probably only a matter of time before we get a bit of a bounce, but I don't know that we get a significant rally.

I think we're trying to form some type of range at the moment. And if in fact, the US is slowing down and the jobs numbers are starting to show that it means that we may see less crude oil demand in what is already oversupplied scenario. If that's the case, it's a very toxic environment for this asset. Again, I'll be watching the $62 level very closely to see if it holds and make my next decision from there as it is so important overall.

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