Crude Oil Price Prediction – Crude Oil Markets Continue to Swap Places

Crude oil markets have fluctuated during the trading session, as this commodity continues to exhibit a great deal of turbulent activity.

The West Texas Intermediate Crude Oil market has risen slightly during Wednesday’s trading session and is currently trading just below the $90 level. Traders are attempting to determine if demand will increase or decrease in the future in this plainly psychologically charged market. Iran may be able to reintroduce oil to the market, which is one of the most significant fundamental shifts of the past few days.

Brent markets likewise appear to be poised for a decline and continue to be “fade the rise” markets. The $91 level has provided a small amount of support, which I believe extends to the $90 level. The 200-day exponential moving average is at $97.36 and is flat. As a result, the market is expected to continue to experience downward pressure on rallies, especially as the 50 Day EMA is currently below $102 and falling. In all honesty, we are approaching near to a “death cross” in this market, which could signal a longer-term bearish trend.

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This indicator doesn’t mean much to me, but it will almost surely trigger market algorithms. If we were to reverse course and break out above the 50 Day EMA, $104 would likely be the objective. Anything above that enables a longer-term rally that has the potential to go much higher. I believe you should pay close attention to the US dollar’s poor correlation as well as global GDP figures.

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