Crude Oil Price Forecast – Crude Oil Markets Plunge

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen hard during the trading session on Thursday to reach down to the 200 Day EMA. Ultimately, the 200 Day EMA is likely going to attract a significant amount of attention, so it is an area where we need to see the buyers come back in to pick up this market. If they do break down below the 200 Day EMA significantly, then it’s possible that we may go challenging the $90 level underneath. The $90 level is where we had formed a hammer previously, so I think it comes into play as being important.

Crude Oil Prices Forecast Video for 22.07.22

Brent Crude Oil Technical Analysis

Brent markets also look very soft for the session but have recovered a bit more than the WTI markets have. Because of this, the market is likely to continue to see a lot of back-and-forth noisy behavior, but I also recognize that the $100 level is going to continue to attract a significant amount of attention, and therefore I would anticipate that there probably is going to be supported there, not only due to the round figure, but also the fact that the 200 Day EMA sits just below there.

I believe that we are going to continue to see a lot of noisy behavior, therefore it’s likely that we will see a need to keep your position size relatively small, as the behavior of this market is erratic at best. We are worried about Russian supply, global slowdown concerns, and of course the fact that OPEC is not willing to produce more crude oil at the moment. Ultimately, this is a market that I think continues to be noisy.

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