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Crude Oil Price Forecast – Crude Oil Markets Get Slight Markup in Thin Holiday Trading

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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back during the trading session on Monday, but then turned around to recover some of the losses. Quite frankly, I would not read too much into this other than the fact that the market is sitting just below the 50 Day EMA. The question now is whether or not we just formed a double bottom on a trendline, or if we have further problems ahead?

I believe the crude oil will continue to be very noisy in general, and it is probably best to sit on the sidelines in the short term. There are major issues with supply coming down the road, so that should continue to keep crude oil a bit elevated in comparison to other commodities.

Crude Oil Prices Forecast Video for 05.07.22

Brent Crude Oil Technical Analysis

Brent markets had similar behavior as you would anticipate, although it should be noted that this market is sitting above the 50 Day EMA, which is a bit more positive. Ultimately, I think that dips will be bought in this market, as long as we can stay above that of trendline. If we were to break down below it, that could be a very ugly turn of events, but right now I think we’ve got a situation where the markets are more likely than not going to continue to be a “buy on the dips” short-term type of situation. If we can break above the shooting star from last week, which is near the $116 level, that opens up even more buying pressure in this market.

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

This article was originally posted on FX Empire

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