Crude Oil Price Forecast – Crude Oil Markets Continue to Stay Bullish

Christopher Lewis
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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Wednesday but then turned around to show signs of hesitation again. The $120 level continues to be an area of resistance that we will have to deal with. If we can break above the $120 level, then the market is likely to go looking to the $130 level next, which is where the market had pulled back from previously.

Even if we pull back from here, I think there is plenty of support underneath, especially near the $115 level, possibly even the $110 level where the 50 Day EMA comes into the picture. It’s not till we break down below there that I will be worried about the uptrend.

Crude Oil Prices Forecast Video 09.06.22

Brent Crude Oil Technical Analysis

Brent markets have initially tried to rally during the trading session on Wednesday as well, but it looks as if we are going to continue to see a lot of hesitation, but I also would argue that the $120 level will more than likely continue to see a lot of interest shown as well. Ultimately, this is a market that should find plenty of buyers on dips, as it offers value in a situation that is so obviously bullish. That being said, the market is likely to see significant noise, but I think that noise should offer plenty of opportunities. It’s not till we break down below the 50 Day EMA over here that I would short the market as well. Buying on the dips continues to be a significant buying opportunity to take advantage of.

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This article was originally posted on FX Empire

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