Crude Oil Price Forecast – Crude Oil Markets Continue to Find Buyers

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude market has initially pulled back in session on Monday to 200 Day EMA. By doing so, the market looked as if it was going to start falling again, however, buyers have come back to pick this market up a bit. That being said, the markets certainly look as if they are struggling from a longer-term standpoint, and therefore I do not think this is a scenario where you have enough momentum to get excited to the upside, but this certainly looks as if it’s going to be very noisy.

If we were to break through the bottom of the candlestick for the session on Monday, it’s very likely we will eventually drop through the $90 level, perhaps kicking off a major bearish market. On the other hand, if we do break above the $100 level, that could bring momentum back into the market.

Crude Oil Prices Forecast Video for 26.07.22

Brent Crude Oil Technical Analysis

Brent markets have also pulled back to test the 200 Day EMA, and also have rallied. By doing so, we have seen longer-term traders come back into the market to try to sort things out. The fact that we are trying to form a hammer is a good sign, but we need to break above the $105 level in order to recapture the momentum. With this, I think it’s only a matter of time before the market would reach above the 50 Day EMA as well. That being said, we have the Federal Reserve meeting coming on Wednesday which could have a massive influence on the US dollar, that obviously has a bit of a “knock-on effect” over here.

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