Crude Oil Price Forecast – Crude Oil Continues Slow Grind Higher
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has bounced from the 50 Day EMA over the last couple of days and now looks like we are ready to go higher. The $110 level could be a bit of a target, and if we can break above there is likely that we go looking to the $120 level as well. The 50 Day EMA has been supported more than once, and it also extends supported all the way down to the uptrend line underneath. As long as we stay in this channel, it is likely that we continue to grind away to the upside. If we were to break down below the uptrend line or the $100 level, that would be enough to send this market lower.
Crude Oil Prices Forecast Video 23.05.22
Brent Crude Oil Technical Analysis
Brent markets have also bounced from the 50 Day EMA recently, and it does suggest that we are ready to go higher. At this point, the market is trying to break out of a symmetrical triangle, and at this point, we are likely to go looking to the $120 level. I think that short-term pullbacks continue to be thought of as buying opportunities, as we have seen so much in the way of momentum. This is going to continue to be sensitive to the situation in Russia/Ukraine as well, so at this point, I just do not see a scenario where we would have to start selling anytime soon. That being said, if we were to break down below the $100 level one would have to think that the momentum would pick up and started falling rather drastically.
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This article was originally posted on FX Empire
