Analysis of WTI Crude Oil Technicals
The West Texas Intermediate Crude Oil market fell throughout the trading session to end the trading session, but has since shown signs of life once more. By doing so, it appears that we will remain within the consolidation range we have been in for some time. As a result, I believe it is only a matter of time before we bounce again, but it is likely worth mentioning that we are currently resting on a support range, not a support line. I believe this support might extend all the way down to $80. I anticipate that the $93 level will remain a difficult ceiling to surpass on the upside.
Analysis of Brent Crude Oil Technical Data
Brent markets have also retreated slightly throughout the trading day, focusing on the $90 level as a crucial support level. The 200-Day EMA and the 50-Day EMA are moving sideways to the upward. It indicates that consolidation is likely, and in that case, the market might oscillate within the rectangle I have sketched, with the $100 level above serving as a clear resistance barrier.
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Regardless, I believe the market will continue to be quite volatile; however, if we could break above the $100 level, there will be a significant battle at the $103 level, which may cause some trouble. Nonetheless, one of the most important things that people are focusing on is the fact that we are heading into a worldwide recession, so despite the fact that supply is a problem, the price does not reflect this.