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Crude Oil Price Forecast – Crude Oil Markets Continue to Probe for Support

·2 minuto per la lettura

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially fell on Thursday, only to turn around and show signs of life near the $103 level. Granted, this is a market that has seen a lot of selling pressure lately, as we are trying to figure out what’s going to be the future of crude oil, as demand could be dropping due to the idea of a global slowdown. That being said, the market is obviously still well supported, and therefore I think it’s probably only a matter of time before we get a bit of a bounce. On the other hand, if we do slice through the $100 level, then it’s likely that we go much lower.

Crude Oil Prices Forecast Video for 24.06.22

Brent Crude Oil Technical Analysis

Brent markets have fallen initially during the trading session on Thursday but found support at the crucial trendline. That being said, the market is more likely than not going to continue to be bullish over the longer term, and if we can break above the 50 Day EMA, it’s likely that we will go reaching to the $115 level, perhaps even the $120 level after that.

If we were to break down below the hammer from the Wednesday session, that could open up a move down to the $100 level. All things being equal, this is a market that continues to see a lot of noisy behavior, but I do think that eventually, we will see this market try to recover, but it’s obvious that we have a lot of noise out there that we have to deal with. Keep your position size reasonable, as the volatility will probably get worse before it gets better.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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