Crude Oil Price Forecast – Crude Oil Markets Come Roaring Back

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has been very noisy over the last couple of weeks but has seen a massive amount of bullish pressure during the day on Monday. We broke above the $100 level, and now it looks like we are going to threaten some type of recovery, but I also recognize that we have been trending lower for a while, and each successive high has gotten lower. The 50 Day EMA is sitting at the $106.27 level. Ultimately, at the first signs of exhaustion, I suspect that sellers will jump into this market and push it toward the 200 Day EMA.

Crude Oil Prices Forecast Video for 19.07.22

Brent Crude Oil Technical Analysis

Brent markets have rallied significantly during the trading session as well, to break above the $105 level. By doing so, the market looks as if it is in the mood to test the previous uptrend line, which is an area that will be very interesting to watch. Not only do we have the previous support that should now be resistance, but we also have the 50 Day EMA in that general vicinity as well.

Because of this, I think it’s only a matter of time before we see signs of exhaustion that we can start shorting, and I will do so. However, if we were to break above the 50 Day EMA, then it’s possible that we could go to reach the $113 level. Ultimately, this is a market that I think continues to see a lot of volatility, and therefore it’s going to be difficult to hang on to positions. However, if we do break out to the upside, then it’s possible that we could try to recover completely.

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