Crude Oil Price Forecast – Crude Oil Markets Are Threatening the 200 Day EMA

WTI Crude Oil Technical Analysis

The West Texas Intermediate Group Oil market has gone back and forth during the course of the trading session on Wednesday as we are hanging about the 200 Day EMA, an indicator that a lot of people pay close attention to. The $95 level is an area that a lot of people will pay close attention to, and therefore I think it should offer significant support. That being said, if we do bounce from here, we still have a lot of noise above that we will have to pay close attention to. The $100 level could be an interesing area, and then the $105 level after that.

If we turn around and break down below the bottom of the candlestick, then it’s likely that we could go to the $90 level. Ultimately, this is a market that I think is starting to focus more on recession than anything else, so that being said I think we are probably going to see a lot of negativity.

Crude Oil Prices Forecast Video for 14.07.22

Brent Crude Oil Technical Analysis

Brent markets also are going back and forth just above the 200 Day EMA, and therefore it’s likely that we will see volatility come back into this market. Much like the WTI grade, we have broken below a major trend line recently, and now are threatening the very last vestiges of an uptrend. If we break down below the 200 Day EMA, then Brent will fall rather significantly, perhaps chasing the $90 level. Rallies at this point in time should be an opportunity to short again, unless we break above the $108 level, which would be recapturing the trendline.

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This article was originally posted on FX Empire

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