Crude Oil Markets Continue to Pressure Resistance

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied during the trading session on Wednesday to break above the downtrend line that formed the top of this triangle that I have marked on the chart. At this point, the market is going to continue to pay close attention to the shooting star from last Friday, and if we can break above there it is likely that the market will continue to go higher, reaching the $110 level. If we can break above the $110 level, then we are free to go much higher.

It is worth noting that the 50 Day EMA has offered a bit of support over the last week or so, and it looks as if it is going to be a short-term support barrier.

Crude Oil Prices Forecast Video 05.05.22

Brent Crude Oil Technical Analysis

Brent markets have also rallied during the trading session, showing signs of strength as we are threatening the shooting star from last Friday. If we can break above there, then the market is likely to continue to go much higher, with an eye on the $115 level rather quickly, and then possibly even the $120 level next. This is a market that I think will continue to be very noisy, but it certainly looks as if we are trying to find buyers on every dip, as the reopening trade should continue to put upward pressure on demand when it comes to crude oil. Ultimately, this is a market that I think will be noisy, but it will continue to be a bit of a “buy on the dips” type of scenario. The 50 Day EMA has also offered support over here.

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