Crude Oil Price – Crude Continues to See Support

WTI/CL Technical Analysis

The light sweet crude oil market continues to grind between the 200 day EMA and the 50 day EMA, but more importantly, above the crucial $65 level, an area that I’ve been talking about for what seems like a lifetime, as it was previous resistance, we exploded through it during the Israeli bombing in Iran and the consequent shooting match, and then fell right to it once peace broke out, and now it looks like it’s offering support again.

The 50 day EMA is offering support just above it. So, I do think that we will have crude oil going higher eventually. This time of year is typically pretty good for the contract, although right now, just like a slow grind higher. You have to treat it as such. It’s just a zombie crawl, if you will, higher.

Brent Technical Analysis

The Brent market’s rallied pretty significantly as the market opened up, but we did give back some of the gains. Ultimately, this is a market that I think is trying to go to the 200 day EMA, which is at the $71.43 level. Short term pullbacks, I think, are buying opportunities, with the 50 day EMA and the $68 region offering support underneath.

That is an area that continues to be worth paying attention to, as it was the resistance previously. And again, think Brent probably grinds a little bit higher. You’re looking for short-term pullbacks to offer a little bit of value that you can take advantage of in this type of quiet grinding trade.

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