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Crude Oil Price Prediction - Crude Oil Market Retracement

Daniel Rogers

Aug 31, 2022 11:28

 截屏2022-08-04 下午5.10.59_1024x576.png

 

The West Texas Intermediate Crude Oil market has retreated from the 50-day exponential moving average, indicating instability. At this point, the market is likely to experience significant volatility, with the $90.00 level below serving as potential support. If this level is breached, it is expected that the market will decline dramatically, maybe reaching the $85 level. This market continues to exhibit a great deal of erratic behavior, so I believe it's just a matter of time before buyers return; nevertheless, I do not believe the market knows what to do in the current scenario. I believe there are a number of factors currently working against the value of crude oil, not the least of which is the fact that the world economy is set to experience a severe downturn.

 

Brent markets have retreated during Tuesday's trading session as well, as we approach the 200-day exponential moving average (EMA). The 200 Day Exponential Moving Average is approaching the $97.40 mark, and it may provide some technical support. If this level is breached, it is anticipated that the market would decline to $92.50.

 

If we break above the highs of the previous 48 hours, the market might reach $105 per share. The prospect of a move to the $110 level is created if this level is breached. In spite of this, there is a great deal of noise in the market as a result of the Iranian deal potentially allowing for more oil to enter the market, a halt in output, and OPEC's suggestion that they may reduce. In other words, anticipate increased volatility.


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