WTI Crude Oil Technical Analysis
Brent Oil Price Forecast
Every new Brent Oil analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Brent Oil forecastsThe light sweet crude oil market has pulled back a bit during the trading session on Friday, but it has found a little bit of support in a familiar area in the form of $86. This is basically where the 61.8% Fibonacci retracement level lives and bouncing from there makes a certain amount of sense as the market may have gotten a little bit too negative.
Ultimately, there are a lot of questions to ask about the Middle East and where things are going, so I think you will continue to see a lot of traders pay attention to the latest headlines to see if there’s going to be any flow of crude through the Strait of Hormuz, and that leaves us to simply consolidating.
Brent Crude Oil Technical Analysis
The Brent market has fallen as well, but it also has found support, this time at the $90 level. I think it’s probably only a matter of time before we bounce. I think a little bit of caution here probably goes a long way, but ultimately this is a market that could find its way back towards the 50-day EMA near the $100 level.
If we do in fact reach that level and break above it, we could go to the $112 level, but that would take quite a bit of momentum. Breaking down from here could open up a move down to the $85 level, where the 200-day EMA currently resides.
I think crude oil remains noisy and probably will for quite some time, as we simply wait for some type of certainty out of the Middle East.