Analysis of WTI Crude Oil Technicals
The West Texas Intermediate Crude Oil market fell slightly during Monday’s trading session, beginning the week on the back foot. At this time, it appears that there are numerous concerns regarding demand, as we are unquestionably approaching a global recession. If this is the case, it makes perfect logic that crude oil prices will continue to decline. Ultimately, this is a situation in which demand is beginning to take control and supply constraints are being ignored. In all honesty, it makes little difference how limited the supply is if no one is interested in purchasing it.
You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.
Analysis of Brent Crude Oil Technical Data
Brent markets have also declined, approaching the $87 mark. Ultimately, this market is searching for support, but if we do see a rally at this time, it’s likely that individuals will be willing to sell down. In spite of this, I believe a rally is feasible because there has been so much short-term selling pressure. In light of the likelihood that this rise will be short-lived, I believe you should be fading the first indications of fatigue as soon as they appear.
The market’s breakdown below the $85 level raises the likelihood of a decline below the $82.50 level, which has historically provided support. In this case, the $80 level might be breached quite fast, as it would represent a significant breach of support.
