Crude Oil Markets Pull Back on Tuesday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has been negative during the trading session on Tuesday, giving back some of the gains from the then Monday session. Monteith ended up forming a bit of a shooting star, so is not a huge surprise to see that we have pulled back. That being said, there is still plenty of support underneath that should continue to come back into the situation, especially as we have the 50 Day EMA. The 50 Day EMA is rapidly approaching the $100 level, so that is almost like a “two for” type of situation. Beyond that, we have an uptrend line, so I do think that eventually, we have buyers come back into the market.

Crude Oil Prices Forecast Video 20.04.22

Brent Crude Oil Technical Analysis

Brent markets have broken down significantly as well, slicing through the $110 level. That being said, the market is very likely to continue to see a certain amount of support underneath, so I think it is probably only a matter of time before we see a supportive candlestick that we can take advantage of.

The $100 level is the absolute “floor in the market”, but it is also worth noting that the 50 Day EMA is approaching the $103 level and is rising. If that is going to be the case, then I think it is likely that we will continue to see dynamic support underneath. All things being equal, this is a market that still looks as if it has further to go to the upside, despite the fact that we have seen such a massive selloff during the trading session. Look for opportunities to pick up value.

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