Crude Oil Markets Stumble

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday, as we are sitting just below the previous uptrend line and the 50 Day EMA. Ultimately, this is a market that looks as if it is trying to break down, but at this point, there has been a bit of hesitation. If we can break down below the bottom of the candlestick for the trading session on Thursday, then it is likely that we go looking to the $95 level, possibly even the $90 level.

On the upside, the market recapturing the losses from the Wednesday session would be a very bullish turn of events, but right now it does not look like we have much in the way of momentum to make that happen. Ultimately, when you look at the chart you can see that we continue to form “lower highs.”

Crude Oil Prices Forecast Video 08.04.22

Brent Crude Oil Technical Analysis

Brent markets have gone back and forth during the trading session as well, dancing around the 50 Day EMA. The $102 level is the top of the overall support range that extends down to the $100 level. Beyond that, we also have an uptrend line that sits just underneath there, and therefore I anticipate that it will be difficult to break down below that area, but if we were to slice through the uptrend line, then that could really get things unraveling, perhaps reaching the $95 level, followed by the $90 level.

On the upside, if we can wipe out the losses from the Wednesday session, that would be a very bullish turn of events and could potentially save the uptrend that we had been in for so long.

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