Crude Oil Price Forecast — Crude Oil Markets Continue to Respect the 200-Day EMA

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pulled back just a bit during the trading session on Thursday, as we have seen the 200-day EMA offer resistance. The market also is paying close attention to the $95 level, so I think at this point it’s not a huge surprise that we pulled back just a bit. Nonetheless, the market is likely to continue to see a lot of noise, as there are a lot of crosscurrents going on at the same time.

If we do break above the 50-day EMA, it opens up the possibility of a move much higher. The $100 level would be targeted next. More likely than not, we will see a little bit of a pullback due to the noise out there.

Crude Oil Prices Forecast Video for 26.08.22

Brent Crude Oil Technical Analysis

Brent markets have also pulled back, but at this point, it has been at the 50-day EMA. The market continues to see a lot of hesitation, and quite frankly I think we are due for a pullback in general. The oil markets have to deal with the idea of the Iranians possibly bringing more oil into the mix, while the Saudi supply may be cut slightly. Ultimately, this is a market that I think also has to worry about whether or not there is going to be global growth. With that being said, it’s likely that we will continue to see a lot of volatility more than anything else. We are a bit overdone, so pullback makes quite a bit of sense. I don’t necessarily think we are going to break down though, it’s more or less just a bit of a retrace in the short term.

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