The West Texas Intermediate Crude Oil market has fluctuated during Tuesday’s trade as it approaches the psychologically critical $90 level. You must pay particular attention to the $90 level since it attracts a great deal of attention in of of itself, and there are options and hurdles there. Now that we have arrived, it appears that we are stalled. It is also worth remembering that we have previously sold off from there, therefore on a breakdown below the bottom of the candlestick for Tuesday’s session, I believe that we looked towards the lows once more.
Brent markets fluctuated throughout Tuesday’s trading session, as we continue to observe a great deal of erratic behavior in general. The 200-day exponential moving average is located just below the $97 level, but it is crucial to note that the $95 level has been significant on short-term charts as well. Similar to the WTI market, I believe we are beginning to lose momentum, and it is likely that we will retreat from here. Obviously, the $90 level would be the initial objective, but if we were to break below it, we could see a decline to the $85 level.
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I have no interest in purchasing crude oil at this time because the global economy is expected to slow down. We are currently in a downturn, or are very close to entering one, therefore bulls will have to do all possible to convince the market differently.
