Crude Oil Markets Continue to Find Buyers on Dips

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially pulled back a bit during the trading session on Tuesday but as we have seen multiple times, buyers came back into the market to find a bit of value. Ultimately, it looks as if we are trying to break out of the triangle that I have drawn on the chart and clear the $105 level. After that, the market more likely than not will go looking to the $110 level. Short-term pullbacks will be a buying opportunity, as we have seen multiple times. This is especially true as we have the 50 Day EMA sitting in the same area, and it has been relatively reliable.

Crude Oil Prices Forecast Video 04.05.22

Brent Crude Oil Technical Analysis

Brent markets of course have done the same thing during the trading session, initially pulling back before finding value again. The top of the triangle is being threatened, and now if we can break above the $110 level, is likely that we would continue to go much higher. Short-term pullbacks will be supported by the 50 Day EMA as well, so keep in mind that this is a market that is very noisy but given enough time we should continue to find one reason or another to go higher. On the other hand, if we were to turn around a break down below the $100 level, then we could have the market fall apart, but right now it looks as if the buyers are starting to flex their muscles yet again in this market.

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