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Crude Oil Price Forecast – Crude Oil Markets Continue to Pull Back

Daniel Rogers

Jul 01, 2022 11:07

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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has declined dramatically during the trading session on Thursday to break down below the $107 level. At this point, it appears like the market is going to test the big trend line from previously, and so I think it’s probably only a matter of time until we see substantial movement one way or the other. If we do break down below the uptrend line, the next target will be the $100 mark. Breaking below that level then opens up the chance of entirely shifting the trend. It is worth mentioning that the rest of the commodities markets have suffered a blow to the face, therefore oil is the “last man standing.” 

Brent Crude Oil Technical Analysis

Brent markets definitely appear quite similar, since they are challenging the uptrend line beneath which is closer to the $107 level. If we break down below there, then the Brent market is expected to travel to be $100 level where it will start to tangle with the 200 Day EMA. Breaking down below that of course would be pretty bad as well, setting off what would officially be termed a “downtrend.”

 

On the other side, if any one of these markets rebounds off the uptrend line, then it appears like they are going to try to save themselves. That being said, the previous couple of days have seen a genuine shift in momentum, and it does imply that more problems is on the way. Consequently, I am not too enthusiastic about holding crude oil at the moment. The markets are simply way too risky.


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