Crude Oil Price Forecast – Crude Oil Markets Continue to Test Previous Market Memory

Christopher Lewis
2 min read
3
In this article:

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Friday but gave back some of the gains as we had tested the previous uptrend line. In other words, there was a bit of “market memory” that came into play in that area. The market looks as if it is trying to focus on the recession more than supply or demand, and therefore it’s interesting to see that crude oil is finally starting to struggle. After all, most other commodities have been slaughtered over the last couple of weeks, and it looks like very much like we are trying to do the same thing here.

Crude Oil Prices Forecast Video for 11.07.22

Brent Crude Oil Technical Analysis

Brent markets also are testing the previous uptrend line, but have not pulled back as much as the WTI market has. Because of this, you may have to keep an eye on both of these charts to get an idea as to what happens next, because we could very well continue to go higher to reach the 50 Day EMA. The 50 Day EMA is an indicator that a lot of people pay attention to, and it is sitting above the $110 level and dropping.

Underneath, it looks like the area right around $100 has offered significant support, so if we were to break down below there, it’s likely that we start to see even more selling pressure. Ultimately, this is a market that has recently broken through a major trend line, so that does suggest that we could have some issues ahead.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE:

Advertisement

Recommended Stories