WTI Crude Oil Technical Analysis
The West Texas Midsize Crude Oil market has been rather careless as we have nowhere to go in a given amount of time. That being said, I think this is a market that will continue to be very noisy, and I think it’s only a matter of time before we have to make a decision as to when and where we will break out of that $10 range. On the upside we have the $90 level offering significant resistance, and on the downside we have $80 offering significant support. Pay attention to the US dollar and global growth numbers as they are both working against oil right now.
Brent Crude Oil Technical Analysis
Brent markets also moved back and forth during the session, but settled into softer behavior than anything else. I think it’s probably only a matter of time before we see this market having to make a bigger move as well, but we’re gearing up to form the so-called ‘death cross’ when the 50 EMA days will begin to cross below the 200-day EMA, a very worrying long-term sign.
If we break below the $85 level, this market is likely to collapse. I don’t necessarily expect that to be the case, but if we did, things could get pretty ugly in no time. On the upside we can break above the moving averages and then we could test the $100 level. I think this is a market that will continue to be very erratic, to say the least, so position yourself correctly.
Crude Oil Price Forecast Video for 9/22/22
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