Crude Oil Price Forecast – Crude Oil Markets Have a Massive Rally on Wednesday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shot straight up in the air during the trading session on Wednesday, as we continue to trade in this massive triangle. The massive triangle of course has been clearly defined and marked on the chart, and I believe at this point we are simply going to bang around in it until we get some type of significant breakout or breakdown that we can follow. At this point, it is all about trading this market back and forth on short-term charts, recognizing these trendlines as being important.

It is worth noting that the US dollar has softened a bit during the early part of the trading session, so that may be helping oil as well. With that being said, the market is likely to go looking to reach the $110 level above, where it will find a lot of selling pressure.

Crude Oil Prices Forecast Video 12.05.22

Brent Crude Oil Technical Analysis

Brent markets also have rallied rather significantly during the session on Wednesday as well, breaking above the 50 Day EMA. We are currently challenging the $107.50 level and on our way to the $110 level. All things being equal, this is a market that continues to bang around between these two trendlines just as it is doing in the WTI grade, and therefore I think it is a short-term trading environment that you must respect more of the back-and-forth type of situation. That being said, the market was to break down below the $100 level, it could open up a massive hole in the market that sends this market much lower. On the other hand, if we turn around a break above the $114 level, then the market will go ripping higher.

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