Crude Oil Markets Bounce From Trendline

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied during the trading session on Monday as we continue to see overall strength in this market. It is worth noting that we have just bounced from a major trendline and of course the 50 Day EMA. Because of this, it looks like we are trying to stick to the uptrend and attempt a move to the $110 level. If we can break above there, then it is likely to open up the possibility of an even bigger move.

A lot of what we have seen over the last several weeks has been at the whims of the conflict in Ukraine, so keep in mind that there are still a lot of headline questions to be answered out there. Nonetheless, as long as we can stay above this uptrend line, I do not have any interest in shorting.

Crude Oil Prices Forecast Video 05.04.22

Brent Crude Oil Technical Analysis

The Brent market has also bounced during the day, using the $102 level as an area of support, reaching the $108 level during the session. The next barrier above is the $110 level and a break above there opens up the possibility of a move to the $120 level. I do not have any interest in trying to get too cute with this market, because I see a major support barrier between $102 and $100 underneath, with the 50 Day EMA sitting right in the middle of it. Furthermore, we also have the overall uptrend lifting the market, so at this point, I believe that Brent is trying to recover. If we can take out the $120 level, that would be extraordinarily bullish.

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