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Crude Oil Price Forecast- Crude Oil Markets Pull Back Slightly

·2-min read

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Wednesday but gave back gains to fall towards the $108 level. By doing so, the market is likely to continue to see volatility, but I also think there is only a matter of time before we would see buyers jump in and pick this market up. The 50 Day EMA sits at the $103 level. The $103 level is an area where we had seen buyers previously, and therefore I think that what we have is a “buy on the dips” scenario. As long as that is the case, I have no interest in trying to short this market, especially as energy has been extraordinarily bullish.

Crude Oil Prices Forecast Video 19.05.22

Brent Crude Oil Technical Analysis

Brent markets also have pulled back a bit during Wednesday trading, testing the top of the previous triangle. Ultimately, this is a market that I think will try to find buyers as well, and if you look at both charts, you can make an argument for a bit of a channel. A little bit of a pullback would make sense in this scenario, as we have progressively seen buyers jump in and take advantage of value every time it appears.

On the other hand, if we break above the $116 level, it would show that the market is currently ready to break out and continue going higher. I do not expect that to be the case, because of the way the market has behaved over the last several weeks. Ultimately, this is a market that I think will continue to attract a certain amount of inflow as long as we are well above the $100 level.

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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