Crude Oil Price Forecast – Crude Oil Markets Give Up Early Gains

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has been very noisy over the last several days, and Tuesday was no different. Because of this, it looks like the market is going to continue to dance around the 200 Day EMA, thereby offering plenty of opportunities in both directions for short-term traders. Whether or not that changes anytime soon remains to be seen, but the Federal Reserve meeting on Wednesday could be a catalyst.

I believe we go sideways in the short term as we continue to argue between the concept of a lack of supply, and a lack of demand. It’s worth noting that we have been dropping overall recently, which I believe shows the market trying to price in recession. At this point though, there does not look like we have anything close to clarity.

Crude Oil Prices Forecast Video for 27.07.22

Brent Crude Oil Technical Analysis

Brent markets also look a bit confused, as we are sitting above the 200 Day EMA, and right around the $100 level. At this point, we can break above the $104 level, then we could have a bit more of a recovery. However, if we break below the 200 Day EMA, the market could drop bank to test the $90 level. The $90 level is an area that a lot of people will be paying close attention to, because of the breakdown through there, it would be a fresh, new low, and could open up quite a bit of momentum to the downside. While I don’t necessarily think that’s going to be right away, it is a very real threat at this point as we continue to see weak economic growth.

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