Crude Oil Markets Finding Support Heading Into the Weekend

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has drifted a little bit lower during the trading session on Friday, to reach the 50 Day EMA. Furthermore, we also have the uptrend line that sits right there as well, and it does suggest that perhaps we are ready for a bit of a bounce. In fact, you can even make an argument for a bit of a triangle.

If we were to break down below the uptrend line, then we could open up a move down to the $92 level, possibly even the $90 level. Ultimately, this is a market that I think will continue to be very noisy, and now we are going to start focusing on whether or not the demand will continue to pick up.

Crude Oil Prices Forecast Video 04.04.22

Brent Crude Oil Technical Analysis

Brent markets have fallen significantly during the day, only to turn around and bounce from the $102 level. The 50 Day EMA is sitting just below there and rising, which should offer a significant amount of support. In fact, I believe that the support underneath extends from the $102 level down to the $100 level. Ultimately, this is a market that I think continues to be supported underneath, but if we were to break down below the $100 level, it is possible that we could break down even further. All things being equal, pay attention to the overall situation when it comes to the SPR, and the demand globally. As economic numbers continue to slump, there are questions as to whether or not there will be demand going forward.

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