WTI Crude Oil Technical Analysis
The West Texas Midsize Crude Oil market rallied a bit during Tuesday’s trading as Saudi Arabia suggested it may have to readjust or rethink crude oil production as prices have dropped quite sharply. That being said, on the other side of the equation, you have the possibility of the Iranians entering the market, flooding another 1 million barrels into daily production.
We’ve been in a falling wedge, and that’s a technically bullish signal, with a potential target as high as $100. If we can break above $100, then I’d be pretty impressed. Until then, any sign of exhaustion will, I think, likely be a selling opportunity.
Crude Oil Price Prediction Video for 24.08.22
Brent Crude Oil Technical Analysis
Brent markets broke higher to clear the 200-day EMA, and now it looks like it will try to find the 50-day EMA. We also came out of a falling wedge in this market but again I think this is a short term move at best as a lack of demand is something OPEC is against can’t do anything. Yes, they can reduce production, but at the same time, if there is no demand, no one cares.
I would like to see a type of rally that has a candle that forms a long rising wick. If I get that, then I wouldn’t hesitate to start shorting, but I recognize that if the Brent markets break above the $105 level, then we will have entered a new phase of bullish momentum and we will have to follow.
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