Crude Oil Price Forecast – Crude Oil Markets Continue to Recover

·2 min read

WTI Crude Oil Technical Analysis

West Texas Intermediate Crude Oil market has been positive again during the day on Wednesday as we continue to see a lot of volatility. At this point, we are well above the 50 Day EMA, and it does suggest that we are going to continue to see buyers underneath. We had bounced from a major uptrend line, so that does suggest that we are even going to continue to see a lot of support underneath, and it’s not until we break below that uptrend line that I would be considering shorting this market.

Crude oil is the “last man standing” when it comes to commodities, so therefore you should pay close attention to it, and also recognize that other commodities have already given up. In other words, they are pricing in a recession. That is the downward pressure in this market, but from a technical standpoint, it still looks bullish.

Crude Oil Prices Forecast Video for 30.06.22

Brent Crude Oil Technical Analysis

Brent markets have been very noisy as well, but have also bounced from a major uptrend line, therefore it’s not a huge surprise to see that we have now broken above the 50 Day EMA. The market has pierced the $115 level, and therefore it does suggest that we could have a little bit more room to the outside, but this bounce has been rather aggressive. The pullback should be thought of as buying opportunities as long as we can stay above the trend line that I have drawn on the chart. If we were to break it down below that line, then the $100 level would be your next support level, and if that gets broken through, this market probably falls apart quite quickly.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire