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Crude Oil Price Prediction: The Markets are Still Grinding

Alina Haynes

Jul 21, 2022 11:51

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On Wednesday, the price of West Texas Intermediate Crude Oil first declined before turning around and beginning to rebound. As a result, the market has demonstrated its propensity to keep attempting to go higher, with the 50 Day EMA currently hovering just above the $105 mark. If you are bullish, I believe that is a plausible objective because the uptrend line is located there as well. You would need to pay great attention to it since I believe that will be a very tough place to break above. On the other side, it's likely that we would try to hit the $90 level if we were to break down below the 200 Day EMA once more.

 

Additionally, during the day, Brent markets started off in the red before beginning to show signs of life. Finally, if we are able to break above the 50 Day EMA, there is a chance that an effort to break out to much higher levels, maybe the $113 level or even higher, will be made. Even with everything being equal, this is a scenario that needs a lot of attention.

 

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It's feasible that we might fall to the $100 level if we decline below Tuesday's session lows. The one constant in the oil market is that there will be considerable volatility. In light of this, it is important to pay strict attention to position size because volatility in many markets, including this one, can occasionally spiral out of control.


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