Crude Oil Price Forecast – Crude Oil Markets Closed the Week on the Back Foot

Christopher Lewis
2 min read
1
In this article:

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially pushed higher but found selling pressure to break down below the bottom of the hammer from the previous session. Friday ended up being a rather bearish day, but the 50 Day EMA sits just below. Furthermore, there is a lot of support just below the candlestick anyway, based on the previous ascending triangle. In other words, even though it was a rather tough day, it looks to me like a market that will find plenty of buyers given enough time.

I anticipate that there should be plenty of support down to the $100 level, which of course has a lot of psychology tied into it as well. Buying the dip continues to be the way forward, but the volatility of course is picking up.

Crude Oil Prices Forecast Video 20.06.22

Brent Crude Oil Technical Analysis

Brent markets tried to break above the $120 level in the early hours on Friday but gave bank gains to show signs of weakness. The 50 Day EMA sits underneath the $112.44 level and looks likely to offer a bit of dynamic support. I think the buyers will continue to jump into this market, with the $110 level being a potential support level, right along with the uptrend line that sits just below there. I have no interest in shorting this market, at least not yet.

Brent is starting to see a little bit of stress due to the slowing down of the global economy, but at the end of the day there still seems to be a lot of demand out there, and of course we drilled very little during the pandemic, so we still have a way to go.

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

This article was originally posted on FX Empire

More From FXEMPIRE:

Advertisement

Recommended Stories