Crude Oil Markets Pull Back on Friday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Friday as we continue to have quite a bit of volatility in this market. Keep in mind that the 50 Day EMA sits at the $100 level, so this is an area that makes for a great confluence of support. If we were to break down below the $100 level, then it is likely we will go looking towards the uptrend line underneath. Breaking that opens up a massive wave of selling. On the other hand, if we turn around and break above the $105 level, then it is likely that we go looking to the $110 level after that. I think we are trying to squeeze the market at the moment, perhaps opening up the possibility of a bigger move rather soon.

Crude Oil Prices Forecast Video 25.04.22

Brent Crude Oil Technical Analysis

Brent markets have fallen a bit during the trading session on Friday as we continue to see a lot of noisy behavior. The $105 level underneath is a significant support level, and if we were to break down below it, we more than likely will go down to the 50 Day EMA. If we break down below the 50 Day EMA, then we need to take a serious look at the $100 level as it is also an area where an uptrend line pierces.

On the other hand, the market has formed a massive downtrend line and it suggests that we could see sellers in that area. Taking out the $110 level to the upside could open up a bigger move in the market, so pay close attention to that area.

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