Crude Oil Price Forecast – Crude Oil Markets Continue the Volatile Movement

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has been all over the place as it looks like the $100 level is offering a significant amount of psychological resistance. If we can break above there, then we have to keep an eye on the 50 Day EMA which sits just above the $105 level. Furthermore, we also have a lot of supply in that area and a previous trendline that could offer resistance. In short, I believe this is a market that is going to continue to be very noisy and fight in both directions. Because of this, you will need to be cautious with your position size.

Crude Oil Prices Forecast Video for 20.07.22

Brent Crude Oil Technical Analysis

Brent markets also are very noisy, as they sit just below an uptrend line. That uptrend line is an area that a lot of people will pay close attention to, and therefore I think any signs of exhaustion will probably be jumped upon, as the first signs of exhaustion that show up on the chart. The 50 Day EMA is sitting at the $108.76 level and dropping, so I think that also offers a significant amount of resistance.

I think it’s probably only a matter of time before we pull back, maybe just to stay in the same range that we have been in for a while, which is typical for this market as we are trying to figure out whether or not we are going to continue to rally, or if we are going to focus on the idea of a global slowdown from an economic standpoint. At this point, it looks as if we simply bounce from the 200 Day EMA, and now might be trying to settle into a new range.

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