Crude Oil Price Forecast – Crude Oil Markets Continue to Grind

Christopher Lewis
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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially dipped on Wednesday but then turned around to show signs of life again. By doing so, the market has shown its proclivity to continue trying to go higher, with the 50 Day EMA sitting just above the $105 level. The uptrend line sits there as well, so I think that is a reasonable target if you are bullish. However, I also think that’s going to be an area that will be very difficult to break above, so you would have to pay close attention to it. On the other hand, if we were to break down below the 200 Day EMA again, it’s likely that we would go looking to reach the $90 level.

Crude Oil Prices Forecast Video for 21.07.22

Brent Crude Oil Technical Analysis

Brent markets have been negative initially during the day as well but then turned around to show signs of life again. Ultimately, if we can break above the 50 Day EMA, then it’s possible that we would see an attempt to break out to much higher levels, perhaps the $113 level, maybe even further along than that. All things being equal, this is a situation that still demands a lot of attention be paid to it.

If we break down below the lows of the session on Tuesday, then it’s possible that we could drop to the $100 level. The only thing you can count on in the oil market is that we will have a lot of volatility. With that in mind, make sure to pay close attention to position sizing, because volatility is out of control at times not only in this market, but many others.

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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