Crude Oil Price Forecast – Crude Oil Markets Continue to Plunge
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has initially tried to rally during the session on Wednesday to show signs of life, as we wrote back above the $100 level. At that point, the market has fallen right back down, reaching the 200 Day EMA by the time the Americans get involved. Ultimately, this is a market that I think continues to see a lot of negativity, and if we break down below the 200 Day EMA, is likely that the market will break to the $90 level. Quite frankly, as the global market is starting to slow down, this will continue to weigh upon the idea of oil going higher. Short-term rallies more likely than not will be faded.
Crude Oil Prices Forecast Video for 07.07.22
Brent Crude Oil Technical Analysis
Brent markets have also tried to rally but failed at that previous trendline that now has a certain amount of “market memory” attached to it. The candlestick is relatively long, and it looks like we are going to continue to see downward momentum. At this point, until we break above the trend line from the last several months, I think it’s a situation where you are going to fade signs of exhaustion. Furthermore, the US dollar continues to strengthen quite drastically, so that will give you a bit of negativity in this market as well.
I believe that if we break it down below the 200 Day EMA, then it’s likely that the $90 level is going to be a large, round, psychologically significant figure, but also an area that has been important more than once. Ultimately, it looks as if the downward pressure is picking up, not abating.
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This article was originally posted on FX Empire
