Crude Oil Markets Give Up Early Gains

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially rallied during the trading session on Tuesday but gave back gains rather quickly. In fact, this is a very anemic-looking trading session, and that does concern me due to the fact that we may have a bit of hesitation here. That being said, the market does suggest that we are going to continue to see a lot of volatility, but the market has the 50 Day EMA is sitting underneath that could cause a lot of support, right along with a massive uptrend line. As long as we can stay above all of that, then the market is still looking to go higher.

If we do break it down below the $99 level, then it is possible that the market could drop even further. Keep in mind that there is a certain amount of concern about demand going forward, as it looks like we are struggling to see global growth. On the other hand, if we break above the top of the shooting star for the trading session, then it is likely we go looking toward the $109 region.

Crude Oil Prices Forecast Video 06.04.22

Brent Crude Oil Technical Analysis

Brent markets also have tried to rally but then gave back gains to show signs of hesitation just below the $110 level, an area that has been important previously. At this point, it is possible that we could have this market fall apart and go looking to reach the $102 level again, an area that has been significant support. The 50 Day EMA sits underneath, which extends down to the $100 level as far as all of the potential rebound is concerned. The market looks as if it is going to continue to be choppy more than anything else.

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