Crude Oil Price Forecast – Crude Oil Markets Coming Unraveled
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Tuesday as we continue to see a lot of negativity. The 200 Day EMA is something worth paying attention to which is just below, and typically will offer a certain amount of support. Ultimately, this is a market that I think if we break down below the 200 Day EMA, then we have much further to go, perhaps down to the $90 level, maybe even the $80 level.
Rallies at this point look likely to continue seeing quite a bit of downward pressure, and it’s not until we take out the 50 Day EMA that I would be convinced that there’s a possibility of continued momentum.
Crude Oil Prices Forecast Video for 13.07.22
Brent Crude Oil Technical Analysis
Brent markets have fallen fairly significantly during the trading session on Tuesday as well, as we are currently threatening the $100 level. It’s likely that we could fall from here and perhaps try to take out the 200 Day EMA, which would be the technical beginning of a downtrend. Ultimately, I think this is a situation where we have quite a few problems, as traders starting to price in the idea of a massive recession. In times of recession, crude oil gets smoked, and it looks like that correlation is going to continue.
If we were to break above the 50 Day EMA, then you can make the argument that perhaps we are going to recover. That being said, I don’t necessarily think that we are going to see that happen easily, so keep in mind that we will continue to struggle. A strengthening US dollar of course doesn’t help either.
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This article was originally posted on FX Empire
