Crude Oil Markets Testing Major Support Levels

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen hard significantly during the course of the trading session on Monday to crash into an uptrend line, one that has been important more than once, and therefore think it is very interesting to watch this market over the next 24 hours, because if we break down through the bottom of this uptrend line, then we could reach the $90 level. The $90 level is a large, round, psychologically significant figure, which would then open up the possibility of a move down to the 200 Day EMA, which is currently sitting just below the $85 level.

On the upside, if we can take out the highs from the trading session on Monday, it could potentially test the downtrend line. The market currently looks as if it is trying to squeeze out of this triangle, and we may get a bit of momentum entering the market yet again during the trading session on Tuesday.

Crude Oil Prices Forecast Video 26.04.22

Brent Crude Oil Technical Analysis

Brent markets have also fallen to test the crucial $100 level. If we do breakthrough here, the market could fall apart. We are through the 50 Day EMA and the uptrend line. A market break down below the $100 level could send the market down to the $95 level, and then eventually to the $90 level. The 200 Day EMA is approaching the $87.50 level and rising. More likely than not will catch up with the $90 level as well, so keep in mind that could be the target over the long term. Ultimately, this is a market that has a ton of volatility, which is almost always a bad thing for price.

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