Crude Oil Markets Have a Tough Week
WTI Crude Oil Weekly Technical Analysis
The West Texas Intermediate Crude Oil market has fallen during the course of the trading week to test the uptrend line yet again. By doing so, it looks as if the market is trying to determine whether or not they are going to continue to grind higher. At this point, the market is on the precipice of making a bigger move, be it either to rally from here and go to the top of the range or perhaps break down. If we break down below the uptrend line, then the market is likely to go looking toward the $90 level.
Looking at this chart, we have gotten a bit overdone, and as you can see, the volatility continues to pick up regardless, which can be seen quite clearly on the “real body” of each candlestick over the last five weeks or so.
Crude Oil Prices Forecast Video 04.04.22
Brent Crude Oil Weekly Technical Analysis
Brent markets have fallen as well, reaching the 100 in two dollars level before bouncing ever so slightly. The market is also very volatile over here, so I do anticipate that it is probably only a matter of time before we see buyers coming back into the picture to pick things up. The markets continue to be very noisy, but as long as we can stay above the $100 level, and perhaps even the uptrend line underneath.
At this point, if we were to break down below that area, then it is likely that we could go looking towards the $90 level after that. The $90 level will end up being important, as the 50 Week EMA more likely than not could cause a bit of noise as well.
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