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Crude Oil Price Forecast – Crude Oil Markets Continue Bullish Momentum

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WTI Crude Oil Technical Analysis

The West Texas Crude Oil market has been relatively quiet on Friday, but we have seen a lot of momentum over the past several days, so it does make a lot of sense that we would see the market willing to hang onto the contracts that they own heading into the weekend. This is yet another reason to think that this market is going to be bullish, and I also suggest that the market breaking above the $115 level opens up the possibility of even further gains.

Pullbacks should be thought of as opportunities, as we are so bullish. In fact, when you look at the overall uptrend, you can see that the most recent pullback was much shallower than the three before it. In other words, momentum is picking up.

Crude Oil Prices Forecast Video 30.05.22

Brent Crude Oil Technical Analysis

Brent markets have fallen slightly during the trading session on Friday, only to turn around and recover. It looks like we are pressuring a major supply area, and I anticipate it is only a matter of time before we see buyers jump in on every pullback. If we can break above the $115 level, then I anticipate that a lot of people will jump into this market and try to take advantage of the momentum. I anticipate that we would go looking to reach the $120 level, possibly even higher than that rather quickly. Regardless, this is a market that is obviously well supported, and it looks like we are ready to go higher over the next several weeks, if not months. We are heading into the summer driving season and China is starting to reopen. Both of these are going to be bullish for crude.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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