Crude Oil Markets Continue to Show Signs of Life

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Thursday to break above the top of the hammer from the previous session. That being said, the market is likely to continue to see a lot of support underneath at the 50 Day EMA, which is currently sitting right at the $100 level. Not only do you have the moving average, but you have the large, round, psychologically significant figure.

The $110 level above would be a target, perhaps even higher than that. The $100 level will be difficult to break down below, but if we did, then the uptrend line that I have marked on the chart could come back into the picture to offer support as well.

Crude Oil Prices Forecast Video 22.04.22

Brent Crude Oil Technical Analysis

The Brent market rallied during the trading session on Thursday to break the top of a hammer from the previous session. The market looks as if it is trying to reach the $110 level, perhaps even breaking above it. The market has been pulling back over the last couple of days, but this return to bullish pressure is a good look. Ultimately, if we can break above the highs of the last couple of days, then Brent should continue to go much higher. Underneath, the 50 Day EMA sits at the $103 level and is rising. This could offer a bit of dynamic support, just as the $102 level offers support that extends down to the $100 level. At this point, it still looks as if it is a “buy on the dips” type of situation.

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