Crude Oil Markets Run Out of Momentum

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Monday but has also given back some of the gains. That being said, the market looks like it is getting a little overextended, so I think there is the possibility of a pullback that offers value. The 50 Day EMA sits at $99.63 and is rising. Because of this, I think there is a certain amount of support in that area if we pull back. When you look at this chart, you can see that it has been very volatile, and therefore I think that plenty of value hunters will come back into this market.

Looking at this chart, it is very difficult to imagine a situation where I would short this market, but I do suspect that we are going to find a little bit of a pullback. Because of this, might step to the side, but if we were to break above the $110 level, then it is likely that we could go to the $115 level.

Crude Oil Prices Forecast Video 19.04.22

Brent Crude Oil Technical Analysis

Brent markets were a little bit more positive, as they retained more of the gains. That being said, the $110 level underneath will continue to be supportive, and therefore I would pay close attention to this market as a result. Ultimately, a breakdown below there could then open up the possibility of reaching down to the 50 Day EMA, which of course is rising. Ultimately, this is a market that continues to be very noisy, but it does appear that the buyers have come back into the picture.

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