Crude Oil Price Prediction – Crude Oil Markets Continue to Consolidate

Crude oil prices were all over the place at the start of Tuesday’s trading session, as confusion persists.

Analysis of WTI Crude Oil Technicals

During Tuesday’s trading session, the West Texas Intermediate Crude Oil market retreated, but then began to show signs of life again. In spite of this, the market is still a bit apprehensive, and as a result, I believe there will be a great deal of erratic behavior and hesitation. This is a formula for catastrophe if you get too large, because ultimately the markets will have to break in one direction or the other, and it’s likely that there will be a significant change. Ultimately, I believe we have a market that is trying to figure out what to do with itself, but perplexity seems to be the only thing that ranges at the moment. I continue to favor the downside on short-term rallies that exhibit signs of weariness.

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Analysis of Brent Crude Oil Technical Data

Brent markets have also been rather volatile during the trading session, so it is possible that we will continue to observe a great deal of volatility, with $75 serving as a major support level. If the price falls below the $75 level, it is likely that the price will drop to the $70 level. Most likely, a short-term gain will be sold into, thus I believe you should look for signs of tiredness before beginning to fade. It is conceivable that we will roll over quite a bit if we obtain it. The 50-day exponential moving average is located at $85 on the upside, providing a strong ceiling for those attempting to push this market higher. A lack of demand remains a significant issue.

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