WTI Crude Oil Technical Analysis
The light sweet crude oil market did try to rally a bit during the trading session on Tuesday, but gave back gains and fell pretty significantly. At this point in time, we still see the market as one that is reacting to the possibility of the United States and Iranian leaders speaking at the UN over the next couple of days.
Brent Oil Price Forecast
Every new Brent Oil analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Brent Oil forecastsI don’t know that I put too much stock into that, and quite frankly, I think this might have just been an excuse for the market to sell off. That’s fine. I will be looking at the area right around $85 to see if that holds as support. So far, the 50-day EMA is trying to do so at $90.
I suspect this is going to end up being a buy-the-dip type of scenario. We’ve seen this movie before, as the hope quickly gets crushed in this never-ending attitude of hostility.
Brent Technical Analysis
Brent markets look very much the same. They are below the $100 level. That is certainly bearish, but the $95 level is attracting the 50-day EMA. If we continue to see a little bit of selling pressure here, it might line up with the timing as well. This is a matter of timing, but it is interesting that things are trying to line up.
The Iranian president speaks at the UN on Wednesday. Trump, from America, speaks on Thursday. One would assume that if there is some conversation, it’s right around that time. So, we probably have another day of wishful thinking, but whether or not we get some type of solution, I’m not holding my breath for it.
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