Crude Oil Markets Trying to Stabilize

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has stabilized a bit during the trading session on Wednesday after falling rather hard on Tuesday. With that being the case, I think it is only a matter of time before the markets find buyers to jump into the market and push the market to the upside. The $108 level above could be a significant amount of short-term resistance, perhaps opening up the possibility of a move toward the $115 level. The 50 Day EMA sits just below and is rising, so I think it all comes together to offer plenty of support.

Crude Oil Prices Forecast Video 21.04.22

Brent Crude Oil Technical Analysis

Brent markets have stabilized as well, hanging around the $108 level. After pulling back the way it has, the market is likely to find some type of buying pressure sooner or later, but it is also worth noting that there is nothing particularly interesting about this level, so if we can turn around and break above the $110 level, then I would consider this a little bit more bullish than I do at the moment. The 50 Day EMA is sitting at the $103 level and rising.

If we were to break all the way down to that level, I think there are plenty of buyers to get involved, because after all we just broke through a significant amount of resistance over the last couple of massive trading sessions. Ultimately, I think that crude oil continues to be choppy, but it still favors the overall upside as things stand right now. However, if we broke down below the $100 level that could possibly change things.

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