Texas markets

Crude Oil Price Forecast – Crude Oil Markets Continue to Fall

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market fell significantly during Thursday’s trading session to fall below the $107 level. At this point, it looks like the market is going to test the major trendline from before, and so I think it’s probably only a matter of time before we see major action one way or the other. other. If we break below the uptrend line, the next target will be the $100 level. Going below this level then opens the possibility of completely changing the trend. It should be noted that other commodity markets have taken a punch in the face, so oil is the “last man standing”.

Crude Oil Price Forecast Video for 01.07.22

Brent Crude Oil Technical Analysis

Brent markets are obviously looking a lot alike as they threaten the uptrend line below which is closer to the $107 level. If we fall below, then the Brent market will likely reach the $100 level where it will start to tangle with the 200-day EMA. Crashing below that would of course also be rather negative, kicking off what would technically be considered a “downtrend”.

On the other hand, if either of these markets bounce off the uptrend line, it looks like they will try to save themselves. That being said, the last two days have seen a real change in momentum, and that suggests more trouble is on the way. With that, I’m not too keen on owning crude right now. The markets are just too dangerous.

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