Crude Oil Markets Continue to Walk Along a Trendline

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Wednesday but gave back those gains to show signs of hesitation. By doing so, the market is likely to continue seeing a lot of volatility, as the uptrend line is a support level that a lot of people are paying attention to, especially as the 50 Day EMA sits right there as well. As long as we can stay above that area, then it is likely that the market is going to continue to at least look somewhat bullish, but it certainly looks as if we are going to test the issue. If we were to make another “lower low”, at that point oil markets may fall significantly.

Crude Oil Prices Forecast Video 07.04.22

Brent Crude Oil Technical Analysis

Brent markets initially tried to rally as well, showing signs of hesitation at the $108.50 level, and then pulled back to form a less than attractive candlestick. It looks as if the highs are getting lower, and now we are getting ready to test the $102 level, which is support. That support extends down to the $100 level, as well as having the 50 Day EMA is right in the middle of it. There is an uptrend line underneath there, so pay close attention to that as well.

If the WTI Crude Oil market breaks down, it may pull Brent down with it, as people are concerned about the overall demand for crude oil, as it looks like the markets are losing momentum, and of course demand as the global economy seems to be heading towards recession.

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