Crude Oil Price Forecast – Crude Oil Markets Recover

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied quite significantly during the trading session on Thursday to break above the $100 level. At this point, the market is likely to see quite a bit of interest, but the previous uptrend line could offer a little bit of noise. The 50 Day EMA sits at the $108.50 level and is falling, suggesting that could be an applicable target. Underneath, it’s obvious that the area just below $100 is trying to offer significant support. The 200 day EMA sits at the $94.75 level and is continuing to offer support as well.

Crude Oil Prices Forecast Video for 08.07.22

Brent Crude Oil Technical Analysis

Brent markets have also rallied, using the $100 level as support, just as the 200 Day EMA as offers buying pressure. If we break above the highs of the trading session on Wednesday, it’s possible that we could go looking to the 50 Day EMA, which is at the $110.88 level. Ultimately, this is a market that is trying to hang onto any semblance of an uptrend, but at this point, it suggests also that if we were to break down below the 200 Day EMA, the market could break a bit further to the downside.

All things being equal, the market is suggesting during the Thursday session that perhaps we are going to try to recover completely. Whether or not we do is a completely different question, but at this point in time, it certainly looks as if we have made an important turnaround for the short term. If we can break above the 50 Day EMA, then it gives us more hope for recovery of the uptrend. That being said, the market has seen a hell of a selloff.

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