Crude Oil Price Forecast – Crude Oil Continues to Consolidate

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the early hours on Thursday but gave back gains near the $100 level. The $100 level is a large, round, psychologically significant figure that people have seen act quite a bit important multiple times. All things being equal, the market gave back enough gains to form a bit of a shooting star, so at this point, I think it’s probably that we are going to test the $95 level from a 200 day EMA perspective.

If we can break above the $100 level, it’s possible that we could test the 50 Day EMA just above the $103 level and is dropping. Ultimately, this is a market that I think you have to continue to fade signs of rallies as a dropping GDP in the United States should continue to put downward pressure here.

Crude Oil Prices Forecast Video for 29.07.22

Brent Crude Oil Technical Analysis

Brent markets have given up some of the gains on the $104 level to turn things around and show a bit of a shooting star. At this point, the market is likely to continue to see a lot of volatility and choppiness, but we are clearly in a significant consolidation area. All things being equal, the market is likely to continue to see a lot of choppiness, with the 200 Day EMA underneath showing signs of support, right along with the $95 level.

Looking at this chart, it’s likely that we continue to see more back-and-forth so short-term traders will more likely than not favor range-bound trading systems, at least until we get some type of clothes outside of this $9.00 range we have been stuck in.

For a look at all of today’s economic events, check out our economic calendar.