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Crude Oil Price Forecast – Crude Oil Markets Get Hammered Again

By:
Christopher Lewis
Updated: Mar 23, 2021, 16:43 GMT+00:00

Crude oil markets have fallen again during the trading session on Tuesday as we are testing the lows from last week again.

Brent WTI crude oil

In this article:

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken down significantly during the trading session again on Tuesday, to reach towards the 50 day EMA. The 50 day EMA of course is an indicator that a lot of people pay close attention to. If we break down below the 50 day EMA, then it is likely that we continue to go much lower, perhaps reaching down towards the $52.50 level. With that being said, the market is likely to see a lot of noise and therefore I do not have any interest in trying to get long, at least not quite yet. However, I will not hesitate to sell if we break down below the previous week slow.

Crude Oil Video 24.03.21

Brent

Brent markets of course are in the same situation, as we are also sitting on top of the 50 day EMA. The 50 day EMA of course is a technical indicator that a lot of people will pay close attention to, but having said that it is likely that we are going to continue to see selling pressure if we break down below last week low, as I think the crude oil markets are overdone and people are starting to ask questions as to whether or not the recovery is going to be as strong as once thought, and of course Germany is locking things back down right along with France does not help the idea of crude oil going much higher. While I do not necessarily know that the uptrend is over, we are clearly seen a shift in attitude.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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