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Crude Oil Price Forecast – Crude Oil Markets Continue to Act Noisily

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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday to show signs of life as we are hanging about the 200 Day EMA. Ultimately, the market is likely to continue to see sellers above, but we may be a little overdone at this point. It’s worth noting that we had formed a massive hammer during the trading session on Thursday, as we reached towards the $90 level. However, it looks like we are ready to bounce a bit and therefore I think if you are paying close attention to this market, you should recognize that the $100 level could cause some issues. After that, then the $105 level could be a major area of interest as well. If we can take out the 50 Day EMA, then the trend could turn things around.

Crude Oil Prices Forecast Video for 18.07.22

Brent Crude Oil Technical Analysis

Brent markets have also rallied, to break above the $101 level. Ultimately, this is a market that I think given enough time we will probably find quite a bit of resistance near the $105 level, and then perhaps even the $107 level. We have also bounced from the 200 Day EMA in this market, and therefore it’s likely that we a little bit of recovery. That being said, it’s not to we take out the 50 Day EMA to the upside that we could consider a return to the uptrend. At this point, there are a lot of concerns about whether or not there is going to be demand due to the fact that the recessionary headwinds are out there.

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This article was originally posted on FX Empire

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