Crude Oil Markets Show Signs of Support

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has initially pulled back during the trading session on Friday but has found plenty of support near the $110 level. By doing so, it looks as if we are going to close at the very top of the range for the session and it is likely that we are going to continue to see a bit of follow-through given enough time. Ultimately, if we break above the highs from the trading session on Thursday, it is possible that we could open up a move towards the $120 level.

If we break down below the lows of the session on Friday, it is possible we could go looking towards the $105 level, but it is going to take quite a bit more than that actually change the trend.

Crude Oil Technical Analysis Video 28.03.22

Brent Technical Analysis

Brent markets of course will follow the same type of trajectory, and it is worth noting that we are closing at the very top of the range for the session. Ultimately, the market is likely to continue seeing buyers on these dips, and I think at this point the $110 level ends up being a bit of a “floor in the market” going forward. Buying on dips is the way I plan on trading this market, and I will continue to look at it as such. If we were to break down below the $110 level, then it opens up the possibility of a move down towards the 50 Day EMA.

The uptrend line walks right along with the 50 Day EMA, so therefore I think it is only a matter of time before we see the trend reassert itself even if we do break down to that area.

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