Crude Oil Markets Continue to Test Support

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Tuesday to show signs of stabilizing. That being said, the market is currently sitting just below the 50 Day EMA, which of course is an area that a lot of longer-term traders will pay close attention to. Furthermore, we are in the midst of a massive triangle, which suggests also that we are going to see more of a squeeze going forward. Because of this, the market is likely to continue seeing volatile action, but if we break outside of this triangle, it is going to simply be a matter of following price right along with the rest of the market.

Crude Oil Prices Forecast Video 27.04.22

Brent Crude Oil Technical Analysis

Brent markets also are going back and forth inside a large triangle, and just below the 50 Day EMA. By stabilizing the way we have, it is a good sign that perhaps we are trying to figure out whether or not we are going to squeeze to the downside, breaking through the uptrend line. The $100 level course is sitting just underneath there, and therefore it is something to pay close attention to as it is a large, round, psychologically significant figure. Breaking down below that level could open up a move down to the $90 level, where the 200 Day EMA should approach rather quickly.

On the other hand, if we can break above the $110 level, we might make a move to the $115 level, maybe even the $120 level after that. Either way, it is going to be very important to see where we go before we start putting money to work.

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