Crude Oil Price Forecast – Crude Oil Markets Continue to Build Momentum
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Monday, as we continue to see a lot of volatility in general. However, the crude oil market has rallied again to threaten the 50 Day EMA. With that being the case, the market is likely to see a push above the 50 Day EMA, and then possibly a move to reach the $120 level over the longer term. That being said, the market is likely to see a lot of volatility, so you will have to be cautious about jumping in with a huge position. However, the trend is still very much upside, especially as the trend line has held so nicely.
If we were to break down below the uptrend line, then I would be paying close attention to the $100 level. If we were to break down below there, then it’s possible that we could begin something a little bit more devastating, but that does not look to be the case at the moment.
Crude Oil Prices Forecast Video for 28.06.22
Brent Crude Oil Technical Analysis
Brent markets also have a nice trendline that has helped keep it alive, and it now looks as if it is going to threaten the 50 Day EMA over here as well. If we can break above there, then Brent could go to the $120 level next, possibly even the $125 level. Again, I don’t think that this is a straight shot, rather I think it is going to continue to be a situation where it is very volatile and choppy, but upward trajectory still looks to be the most likely of outcomes.
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This article was originally posted on FX Empire
