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Crude Oil Markets Recover
By: Christopher Lewis | November 29, 2022

• Crude oil markets have rallied a bit during the trading session on Tuesday, continuing the attempt to recover from the bottom.

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Tuesday, after initially forming a hammer for the week on Monday. The $80 level has been targeted, so now if we can break above there I think we could get a little bit more of a recovery. Crude oil has been moving back and forth based upon the idea of supply being tight, but at the same time demand falling off of a cliff.

If we are going to continue to see economies around the world slowdown, that is going to be bad for oil. However, that does not mean that it’s going to go straight down from here. There will be the occasional rally, which quite frankly probably offers a nice selling opportunity.

Brent Crude Oil Technical Analysis

Brent markets have rallied during the trading session on Tuesday to show signs of life, breaking above $85 level. At this point, the market is trying to bounce a bit, and quite frankly if it does that is probably going to give you an opportunity to start shorting again. The market may be a little bit overdone at this point, so I would look at signs of exhaustion to take advantage of. Having said that, if we were to break down below the hammer from the session on Monday, that opens up an attack on the $80 level, and perhaps even a move much lower than that.

Looking at the chart, the question is now whether or not we are trying to form a double bottom, or if we are going to go crashing from here. One thing is for sure, demand is most certainly something that people are worried about.

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