Crude Oil Price Forecast – Crude Oil Markets Give Up Early Gains

·2 min read

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Monday but gave back the gains to show signs of exhaustion. At this point, the market is fighting with the $110 level, which is an area where we have seen a lot of noise in the past, so is not a huge surprise to see this market struggle a bit. Furthermore, the market has been very volatile and noisy, and there are a lot of questions out there as to where we are going to go over the longer term.

After all, there is a serious concern when it comes to the supply line of crude oil but at the same time, we have to worry about whether or not there is going to be enough demand as there is a serious threat of a global slowdown. Because of this, I think we will stay in a back-and-forth type of market.

Crude Oil Prices Forecast Video 24.05.22

Brent Crude Oil Technical Analysis

Brent markets have also tried to rally, pulling back from the downtrend line that I have marked on the chart. At this point, there is still plenty of support underneath, all the way down to at least the 50 day EMA, if not the uptrend line. If we can break above the $115 level, then Brent will more likely than not continue to go higher, right along with the WTI grade. In general, I think a pullback does invite buying on the first signs of support as we are still bullish, although ever so slightly so.

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

This article was originally posted on FX Empire