Crude Oil Markets Continue to Find Buyers

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Friday in the CFD market to show signs of strength. All things being equal, this is a market that has bounced quite drastically from a support level. The $93.50 level is an area that has been important multiple times, so it certainly seems to be an area that a lot of people will have to pay attention to it. If we were to turn around a breakdown below the $90 level, then it obviously would change everything. However, we have seen a massive bounce higher, and now it looks like we are going to try to get to the $110 level sooner rather than later.

Crude Oil Prices Forecast Video 18.04.22

Brent Crude Oil Technical Analysis

Brent markets are testing the top of the overall triangle that I have marked on the chart, and quite frankly I think it is only a matter of time before we go above the line. That being said, if we pull back from here, there are a lot of buyers underneath willing to pick up the market. However, if we were to slice through the $100 region, we could go much lower. At that point, it is likely that we go looking to the 200 Day EMA, which is currently down at the $86.29 level.

It will continue to be noisy, and we are a little bit stretched in the short term. Because of this, I would not be surprised at all to see a little bit of a pullback that traders will be interested in. At this point in time, I have no interest in shorting this market, at least not until we break down below that uptrend line.

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