Crude Oil Markets Continue to Show Signs of Support

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Wednesday to show signs of life as we are reaching the $108 level in the front month. The market has formed a hammer during the previous session, and it does suggest that perhaps we are willing to go long at this point. The $110 level would be an initial target, and then after that, we could go looking towards the $115 level. Ultimately, this is a market that continues to see buyers on dips, as there is a major uptrend line underneath, which the 50 Day EMA is walking right along. Ultimately, we need to break it down below there before you can consider selling.

Crude Oil Price Predictions Video 31.03.22

Brent Crude Oil Technical Analysis

Brent markets have rallied a bit during the course of the trading session on Wednesday, as it looks like we are getting ready to break above the $112 level, perhaps even go looking towards the $120 level above. The 50 Day EMA has shown itself to be supportive just below the neutral candlestick that we have seen form on Tuesday. Ultimately, this market is in an uptrend and that is something that does not look like it is going to change anytime soon.

Keep in mind that rumors of peace talks succeeding in Ukraine have been vanquished, and now we are seeing the reality of that reflected in the price of crude. This will remain the case, as the supply chain has been disrupted for so long that we have a lot of catching up to do, especially as the entire world starts back up.

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