WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has been quite vocal, but it looks like we’re ready to try to figure out the next big move, which will likely come after the Federal Reserve has run its course. After all, the Federal Reserve is going to be hawkish, and that will have a major influence on our direction in the oil market, as it could dampen global growth a bit. If so, it is likely that we will see a breakdown in Oil below the $80 level. The $80 level is a large, round and psychologically significant number, and an area that many people will need to stand up and consider. Just above the $90 level should also continue to interest.
Brent Crude Oil Technical Analysis
Brent also struggled a bit during the day, but basically we’re just kind of going back and forth to figure out where to go next. I think in this situation, we are probably somewhat content to stay around the $90 level, at least in the short term. The market formed a hammer in the previous session on Monday, so if we break below, we could see more selling come into play.
It should be noted that the 50-day EMA is starting to approach the crossing below the 200-day EMA, kicking off the so-called “death cross” that many traders longer term pay particular attention as a negative. sign. Whether or not that matters remains to be seen, but it’s something to pay attention to.
Crude Oil Price Forecast Video for 9/21/22
For an overview of all of today’s economic events, check out our economic calendar.