Crude Oil Price Forecast – Crude Oil Markets Pulled Back Into the Weekend

Christopher Lewis
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WTI Crude Oil Technical Analysis

The West Texas Crude Oil market has pulled back a bit during the trading session on Friday, to break back below the $120 level. At this point, we are testing the top of the previous channel, so it’s an interesting place to park. I do think that eventually, we see oil recover a bit, but it’s likely that the next couple of days will be very noisy. I think that there is significant support all the way down to the $110 level, as the 50 Day EMA is racing toward that level as well. Ultimately, this is a market that still looks bullish from a longer-term standpoint, so most people will look at this as an opportunity.

Crude Oil Prices Forecast Video 13.06.22

Brent Crude Oil Technical Analysis

Brent markets have fallen significantly during the Friday session to test the $120 level for support, and so far, they have held. Nonetheless, even if we break it down below here, I think the $115 level will offer support as well. All things being equal, I think we are just pulling back from a very frothy market, and as a result, we may need to pull back in order to find more buyers. I have no interest in shorting this market, but I recognize that you may have a day or two of squishy or soft trading. Nonetheless, I do think that there will be opportunities for value hunters to come in and pick this market up.

Looking at this chart, it’s very likely that we continue to see a lot of back-and-forth, but I think that we are going to see a lot of volatility more than anything else.

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This article was originally posted on FX Empire

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