Crude Oil Price Forecast – Crude Oil Markets Recover After an Initial Selloff
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crew Oil market initially fell during the trading session on Thursday but turned around to show signs of life again. By doing so, the market looks as if it is going to see plenty of volatility, but more importantly, plenty of upside momentum. I do believe that crude oil will eventually break out in general, but we obviously have a lot of volatility to deal with. I think that given enough time, we will break the $120 level and go much higher. If we can clear the $120 level, I think that the WTI grade will go back to the highs again.
Crude Oil Prices Forecast Video 03.06.22
Brent Crude Oil Technical Analysis
Brent markets have initially pulled back a bit during the trading session on Thursday as well but have turned around to show signs of life again. This is a market that looks like it’s hanging onto the $115 level, and then possibly opens up the $120 level target again, and then possibly even the highest. I have no interest in shorting crude oil at all, be it Brent or WTI. The demand for crude oil will start to pick up again as the Chinese are reopening so that yet another reason to think that this uptrend can continue to go higher.
It’s not until we break down below the uptrend line that we could see a breakdown, something that does not look very likely to happen anytime soon, so I think you have to look at this as “buy on the dips” going forward. Expect choppy behavior on Friday as a jobs number comes out.
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This article was originally posted on FX Empire
