Crude Oil Price Forecast – Crude Oil Markets Slump
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has had a slightly negative session during the day on Monday, reaching down to the uptrend line underneath. At this point, the market is more likely than not going to see buyers come back in rather soon, but you obviously need to pay attention to price action because if we do break through here, then the next major area is going to be the $100 level. The $100 level will continue to be crucial, and anything below there could be extraordinarily negative and change the overall attitude of the market.
Crude Oil Prices Forecast Video for 21.06.22
Brent Crude Oil Technical Analysis
Brent markets have pulled back to the 50 Day EMA during the trading session on Monday, piercing the indicator at one point. Having said that, if we break down below the low of the last couple of days, then we could see this market fall to the $110 level, possibly even the uptrend line underneath there. At this point, the market is likely to continue to see a lot of buyers on dips, as the markets will continue to look at the possibility of the world struggling to find enough oil. The supply has been devastated over the course of the pandemic, but at the same time, we are starting to see a bit of destruction demand in the United States, so that could be an issue.
Pay close attention to that uptrend line, if he gets violated then we will make a beeline down to the $100 level. On the other hand, if we turn around and break above the highs of the trading session on Monday, we could look to get to the $120 level above, where we had broken down previously.
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This article was originally posted on FX Empire
