Crude oil prices fell again during Thursday’s trading session as they approached the US 200-day EMA once again.
Technical Analysis of WTI Crude Oil
The 200-day EMA reached the West Texas Heavy Oil market during Thursday’s trading session. At some point the 200-day EMA will probably get a lot of attention, so we need to see buyers return to this level to take over this market. A serious break below the 200-day EMA could challenge below $90. I think the $90 level is important because that’s where we established the hammer before.
Technical Analysis of Brent Oil
Although slightly recovered from the WTI market, the Brent market still appears relatively weak. As a result, the market is likely to continue to see a lot of loud back-and-forth movements. However, I also realize that the $100 level will continue to attract a lot of attention, and I expect it will likely be supported there, not only because it is a rounded number, but also because the 200-day EMA is just below it. .
I think the market will continue to see a lot of loud activity. Therefore, it is advisable to keep your position size modest as the market’s behavior is a bit inconsistent. We are concerned about Russian supplies, the possibility of a global recession and, of course, the current situation where OPEC is reluctant to increase oil production. In the end, I believe this market will continue to fluctuate.