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Crude Oil Price Forecast – Crude Oil Markets Continue to Pressure the Upside

·2-min read

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Thursday as we continue to see plenty of bullish pressure in this market. We are in an up-trending channel, and the channel has been respected quite nicely. That being said, the most recent pullback has stopped at the 50 Day EMA and then turned around again. This suggests that the market is probably going to go looking at the $115 level. If we can break above there, then it’s likely that we go looking to the $120 level.

Looking at this chart, it seems like every time we dip there will be plenty of buyers. That being said, the market is likely to continue finding plenty of buyers as supply issues will continue to be the headline.

Crude Oil Prices Forecast Video 27.05.22

Brent Crude Oil Technical Analysis

Brent markets have rallied a bit during the trading session on Thursday as well, and it looks like we are trying to break above the $115 level. It’s worth noting that we also have seen a “higher low” recently, and now we are building up a significant amount of pressure. Eventually, the market is going to go looking to the $120 level, and then possibly even the highs again. I have no interest in shorting this market and I would look at the area between the 50 Day EMA and the uptrend line as a major “zone of support.” I have no interest in shorting the crude oil markets, as we have seen a definite uptick in momentum over the last week or so. Furthermore, the OVX, which is a volatility index for oil, has calmed down. In other words, traders are comfortable.

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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