Crude Oil Price Forecast – Crude Oil Markets Continue to Sit Sideways Overall

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Wednesday as we are trying to figure out what to do next. We are sitting on top of the 200 Day EMA, and it looks like the market is just contemplating where it wants to go next. After all, this is an indicator that a lot of longer-term traders will be paying attention to, and with the threat of a recession, it’s going to be difficult to get clarity in the short term.

Today we also have the Federal Reserve in play. They have an announcement late in the session that could give us a bit of a “heads-up” as to where we go next, as the market has to figure out whether we have the lack of supply, or the lack of demand take over.

Crude Oil Prices Forecast Video for 28.07.22

Brent Crude Oil Technical Analysis

Brent continues to look a bit confused, and at this point in time is likely that the market has to make an impulsive candlestick. As soon as we get some type of large candlestick printed for the daily chart, then I think it’s likely that we could get a bit of clarity. At that point, I will just simply follow the direction. At this point, we are squeezing between the 200 Day EMA underneath, and the 50 Day EMA start to drop rather significantly. I believe at this point in time it’s just a matter of waiting for the volatility to pick up and a significant-close either higher or lower to get involved.

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