Crude Oil Price Forecast – Crude Oil Markets Pierce the Trendline

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has pierced a major trendline during the trading session on Wednesday to show just how fickle the market is going to be. Quite frankly, everybody is now focusing on the possibility of a recession, and now $100 level will more likely than not be the next major support level. We are not technically changing trends quite yet, but $100 is crucial, both from a structural and a psychological standpoint. Because of this, you need to be aware of what’s going on and play the market accordingly. A bounce does make a certain amount of sense, but it has seen a lot of damage done.

Crude Oil Prices Forecast Video for 23.06.22

Brent Crude Oil Technical Analysis

Brent markets have fallen during the trading session as well, breaking below the $110 level. However, we have seen buyers come back and push this market to the upside again. The uptrend line underneath will continue to play an important role, so you need to pay close attention to what goes on with it. Ultimately, I think this is a market that will continue to be very noisy, and it is still technically in an uptrend.

It’s not that we break down below the $100 level on one of these two oil markets that I am concerned about the overall uptrend, and it should be noted that a lot of this is based upon recessionary fears, despite the fact that the main signs in China are rather strong. In other words, this is more likely than not going to end up being a buying opportunity if you give it enough time to play out. Position sizing, as per usual, will become crucial.

For a look at all of today’s economic events, check out our economic calendar.