Crude Oil Markets Continue to Attempt a Recovery

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market during the trading session on Thursday was slightly negative to start but recovered a bit to show signs of stability. At this point, if we can break above the highs of the last couple of days, I think the market has a real chance and trying to reach the $110 level. Keep in mind that the demand destruction is a major concern, but at this point, it does look like the market is willing to look past it, at least for the short term.

Looking at this chart, the market has respected the 50 Day EMA and the previous uptrend line. Because of this, we are still technically in an uptrend from a longer-term standpoint, but at this point, the structure has been trying to break down. If we were to break down below the uptrend line, then things would change.

Crude Oil Prices Forecast Video 15.04.22

Brent Crude Oil Technical Analysis

Brent markets initially pulled back just a bit during the trading session on Thursday, but as you can see the market has turned around and it looks like we are trying to break above the $110 level. If we can do that, then the market should continue to go much higher, and therefore we could go much higher. Keep in mind that the market is still technically in an uptrend as long as we can stay above the uptrend line. That being said, it looks like a market that is still trying to figure out its longer-term trajectory. I think we will continue to see a lot of volatility more than anything else.

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