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Crude Oil Price Forecast – Crude Oil Markets Continue to Strengthen

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Christopher Lewis
·2 min read
In this article:
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  • BNO
  • CL=F
  • GC=F
  • ZG=F
  • NG=F

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied significantly during the course of the trading session on Tuesday, as we are well above the $77 level. By breaking higher the way we have, the very likely that we should continue to see an attempt to break above the crucial $79 level above where we had broken down through. After that, then we got the $80 level above which will be psychological resistance. Nonetheless, this is a market that clearly looks as if it is trying to break out and therefore, I like the idea of short-term pullbacks being potential buying opportunities. Ultimately, this is a market that I think will continue to see plenty of value hunters out there, so I look at the 50 day EMA as a potential floor the market.

Crude Oil Video 05.01.22

Brent

Brent markets have rallied as well, breaking above the psychologically important $80 level as it looks like we are ready to go higher. The $81.34 level is where we broke down from previously, so there might be a little bit of resistance in that area but having said that I think that the 50 day EMA underneath should offer support here as well. It currently sits at the $77.28 level and is offering a certain amount of a move to the upside, suggesting that we are ready to continue going higher.

I do believe that there will be the occasional pullback, but quite frankly this is a market that I think will continue to be very noisy, but it seems as if the buyers are starting to take over yet again, and you could even make the argument that we have just broken out of a bullish flag.

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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