WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market initially retreated during the trading session to fall below the $90 level. However, we have turned around to show signs of life, and now it looks like we will go higher, perhaps the 200-day EMA just below the $95 level. The 50-day EMA is sloping towards the 200-day EMA, forming something close to a “death cross” suggesting that we may have more negativity ahead of us. That being said, I think it’s probably only a matter of time before the sellers step in and sell things.
Looking at recent trade, you can also argue for a falling wedge, which is a slightly bullish signal, possibly opening up the possibility of a move towards $100. That being said, I still think it’s only a matter of time before we start selling again.
Crude Oil Price Forecast Video for 22.08.22
Brent Crude Oil Technical Analysis
Brent markets initially fell during Friday’s trading session, but then turned around to capture the $95 level. The 200-day EMA sits just above, just below the $100 level. Additionally, we also have the 50 day EMA falling here, so it looks like we have a lot of negativity right above us, and so we think it’s probably only a matter of time before the rallies are sold. If we break below the $90 level, this paves the way for further selling. However, it certainly seems like there’s a lot of noise in that general vicinity, so I think lapping is probably what we’re going to see.
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