Analysis of WTI Crude Oil Technicals
The West Texas Intermediate Crude Oil market originally declined during Tuesday’s trading session, but a little amount of purchasing pressure has since supported the market. This market will continue to be extremely volatile, with the 50-day exponential moving average (EMA) providing resistance and all of the concerns regarding global demand. In spite of this, we continue to negotiate back and forth, and there are a lot of doubts over whether or not the Federal Reserve will stop tightening. The fact that OPEC has reduced production by 2 million barrels per day is another factor attempting to boost prices.
Analysis of Brent Crude Oil Technical Data
Brent initially declined during the trading session and is currently hovering near the 50-day exponential moving average. As a result, you should keep a close eye on this chart, as the oil markets are reflective of the worldwide outlook for economic growth, and there are a number of moving averages in the vicinity that could cause problems. If we reverse direction and break below the $90 barrier, the market could begin to unravel.
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On the other hand, if we see a reversal over the 200-day EMA, it is probable that the market would target the $100 level, which has a significant psychological component. If we surpass that level, it might trigger a larger upward surge. More than anything else, you will need to exercise caution with your position sizing.
