Crude Oil Markets Bounce From Trendline

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen during the trading session on Thursday to reach the previous trendline. That being said, we have also turned around to show signs of life and therefore it looks as if we are ready to go higher over the longer term. This is not necessarily mean that is going to be easy, just that there still remains plenty of support.

That being said, if we were to break down below the 50 Day EMA, then it could send this market much lower, perhaps as low as $90. We have the jobs number coming out on Friday, and that will move crude oil markets based upon the expectation of the US economy strengthening or weakening in the short term.

Crude Oil Price Predictions Video 01.04.22

Brent Crude Oil Technical Analysis

Brent markets have fallen during the trading session on Thursday as well but have also found support. In fact, the Brent markets did not even reach the trendline before turning around. While I would not call either one of these candlesticks a hammer, it does show that there are buyers underneath willing to get involved. Because of this, it is very likely that the Brent market could go looking toward the $110 level, an area that has been important more than once.

Keep in mind that this is a market that tends to be very choppy and volatile, so it should not be a huge surprise at all to see that we have been bouncing around as of late. Oil volatility has been skyrocketing over the last several weeks, and that should continue to be the case going forward. I still believe that there is plenty of upward pressure given enough time.

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