Crude Oil Price Forecast – Crude Oil Markets Continue the Uptrend

Christopher Lewis
2 min read
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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back during the trading session on Tuesday, but it looks as if the uptrend line is going to hold, as we are hovering around the 50 Day EMA. Ultimately, this is a market that I think eventually will go higher, perhaps reaching the $120 level over the longer term. Ultimately, I think this is a situation where we will eventually have to make a bigger decision as far as where we can go over the longer term, but as long as we stay above this uptrend line, it’s likely that we are going to continue to go higher. If we break the uptrend line, then the $100 level could be targeted.

Crude Oil Prices Forecast Video for 22.06.22

Brent Crude Oil Technical Analysis

Brent markets have bounced from the 50 Day EMA during the trading session on Tuesday, as traders came back from Juneteenth. Ultimately, the volume is picking back up and it looks like we are going to see a bit of recovery at this point. The $120 level could be targeted, which is a large, round, psychologically significant figure, and an area where we will continue to see a lot of noisy behavior in that vicinity. If we can break above the $125 level, then it’s likely that we go to the $130 level.

On the other hand, if we were to break down below the double bottom during the last couple of days, it’s likely that we could reach the uptrend line underneath, with perhaps the $110 level offering a little bit of minor support. As long as we stay above the uptrend line, I think you still have to look at this through the prism of “buying on the dips.”

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This article was originally posted on FX Empire

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