Crude Oil Price Forecast – Crude Oil Markets Continue to See Upward Pressure
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Tuesday as we continue to see significant upward pressure. Ultimately, this is a market that looks as if it’s getting used to the idea of being above $120, so I do think that it probably continues to go higher given enough time. At this point, pullbacks continue to offer buying opportunities in a market that clearly has much further to go. Because of this, I have no interest in shorting this market and I look at every dip as value to be taken advantage of. Ultimately, I see no reason why we don’t continue to go much higher.
Crude Oil Prices Forecast Video 15.06.22
Brent Crude Oil Technical Analysis
Brent markets also look very bullish needless to say, as we are now threatening the recent highs at roughly $129. Because of this, I think it is more likely than not only a matter time before value hunters come back in with the idea of $120 being a bit of a floor. If we can break above the $130 level, then Brent has much further to go, and it could rip to the upside. Oil has been one of the better-performing trades as of late, and there’s nothing on this chart to suggest that it won’t continue to be.
Because of this, I like the idea of looking for value on dips that I take advantage of for bigger moves. Ultimately, it’s not until we break below the 50 Day EMA that I would consider this a market that might be in trouble. Granted, there does come demand destruction eventually, but we are nowhere near it.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
Ukraine struggles to evacuate civilians from devastated eastern city
U.S. FDA advisers back authorization of Moderna COVID vaccine for ages 6-17
NATO needs greater readiness, more weapons -military alliance chief
U.S. to sell up to 45 million bbls oil from reserve as part of historic release
Warner Bros Discovery to cut as much as 30% of ad sales jobs – The Information
