Crude Oil Price Analysis – Crude in a Range, Looking to Rally

WTI Crude Oil Technical Analysis

The light sweet crude oil market has rallied just a touch during the early hours here on Monday as we are sitting just above the 200-day EMA. This, of course, is an indicator that a lot of people follow, and as a result, it should not be surprising that perhaps the market will continue to find some buying pressure on each and every drop.

The $62 level is an area that I think a lot of people will be watching closely, but if we were to break down below there, then I think we will reset with support at the $60 level.

To the upside, we have the $66 level as a potential target. We will just have to wait and see, but one thing that I do know about crude oil is it likes to go sideways, so it would make a certain amount of sense that we see that happen.

Brent Crude Oil Technical Analysis

Brent markets are essentially right in the middle of a consolidation area, with the $65 level being a floor and the $70 level above being a ceiling. With the 200-day EMA just underneath and the 50-day EMA curling to the upside, we might be getting ready to see the golden cross form.

I think this is a market that could very well find its way to the upside before it is all said and done, but right now, we are still consolidating. As this market and most types of crude tend to go sideways, I think you have to err on the side of caution and assume we are still range-bound.