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Thursday, August 04, 2022 11:44:04 AM
By: Christopher Lewis | August 4, 2022
• Crude oil markets have fallen a bit during the session on Thursday as we continue to break down. At this point, it’ll be interesting to see if we can slice through the support level, as it could open up a flood of selling.
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Thursday as it looks like we are getting ready to break down through significant support. If we do, then we could drop another $10 rather quickly. The WTI Crude Oil market has seen a bit of a bounce near the $90 level, and as I write this article, we are threatening the bottom of a massive hammer. If we were to break down through that level, then I think the oil market is very likely to go looking toward the $80 handle.
The 200 Day EMA sits at the $95 level, and there is a significant amount of resistance in that area from what I can see. That being said, the move lower has been so drastic that I think eventually momentum carries this market much lower.
Brent Crude Oil Technical Analysis
The Brent market found sellers as well, as we are threatening the $95 level. The $95 level is an area that has been supported in the past, so it does make a certain amount of sense that we would see buyers in this general vicinity. That being said, the WTI market breaks down in the next few hours, the Brent market will more likely than not follow. Furthermore, you need to keep an eye on the jobs number coming out on Friday, because that could throw the US dollar around quite a bit, which in and of itself can cause a lot of volatility here. If we give up $90, it’s very likely that this market goes looking to the $80 level.
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