Crude Oil Price Forecast – Price Continues to Go Higher

Christopher Lewis
2 min read
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WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back during the trading session on Friday, but then turned around to show signs of life again. Ultimately, the $120 level above starts to show resistance again, but I think if we can break above that level, it’s likely that we could go much higher, perhaps reaching the $130 level. Pullbacks will continue to see a lot of bullish pressure, and therefore even though we are in a major uptrend, you should be looking for short-term opportunities to pick up value. There is no real reason to short this market anytime soon, at least as long as we can stay above the 50 Day EMA.

Crude Oil Prices Forecast Video 06.06.22

Brent Crude Oil Technical Analysis

Brent markets also look very bullish, so it looks as if we are ready to go higher here as well, and if we can break above the $120 level, it’s likely that we see Brent continue to challenge the $130 level eventually. Buying on dips will continue to be the best way forward, so I have no interest whatsoever in trying to short this market. In fact, I think that we would have to break down below the $105 level before you can have a serious look at the downside. There should continue to be a lot of concerns when it comes to the reopening trade, especially as the Chinese economy is starting to open up again. With this, the market will likely see plenty of value hunters out there and therefore you need to trade the market through that prism. Until something fundamentally changes, I anticipate plenty of upward pressure.

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This article was originally posted on FX Empire

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