Crude Oil Price Analysis – Oil Continues to See Volatile Moves

WTI Crude Oil Technical Analysis

The light sweet crude oil market gapped to the upside to kick off the trading session as the Americans and the Iranians are continuing to throw missiles at each other. But it appears that the market is starting to get a little bit of exhaustion built into it from this type of behavior.

Quite frankly, this is a market that I think continues to see a lot of questions asked of it in the sense that, where are we really going from here? And as long as that is going to be the case, I think you’ll have to assume more choppy sideways action.

The $85 level underneath seems to be support. The $95 region is resistance. I think we’re trying to settle into a range because, quite frankly, what’s left to say at this point? Either the war ends, or it doesn’t.

Brent Crude Technical Analysis

Brent markets, of course, jumped higher, and that would have been in response to the US and Iranian officials lobbing missiles at each other, just as we saw in the other grade of oil, but also the Iranians claiming that the Strait of Hormuz is closed.

Whether or not that actually ends up being the case, we’ll have to wait and see. Brent, of course, will be a little bit more sensitive. It’s more of an international benchmark, but right now it looks like it’s trying to settle into some type of range.

If that’s going to be the case, then the $90 level looks to be supported. $97 roughly is going to be a resistance; maybe you should just look at the 50-day EMA as that resistance.

I think we go sideways. I think the market really doesn’t know what to do, and most people are not willing to put a ton of money into the market, guessing as to what happens next.