Crude Oil Price Forecast – Crude Continues to Chop Back And Forth

Christopher Lewis
Updated: Apr 25, 2024, 16:39 GMT+00:00

The crude markets continue to bounce around in general, as we are likely to see a lot of questions asked of geopolitical issues, supply, and interest rates.

In this article:

WTI Crude Oil Technical Analysis

We continue to bounce around all over the place in the crude oil markets, as the West Texas Intermediate market has been somewhat sideways during the day, maybe having just a slight negative proclivity. But the 50 day EMA sits underneath, and it does offer quite a bit of support.

After that, we have the $80 level, which could offer support as well as it was previous resistance. And of course it’s a large, round, psychologically significant figure which typically attracts a lot of options trading. If we can rally from here, the $85 level could be your target for the short term as it is the top of the consolidation phase. In general, this is a market that I think continues to be very noisy and choppy due to geopolitics, if there is no other reason.

Brent Crude Oil Technical Analysis

The Brent market looks very much the same as we are above the 50 day EMA, and in Brent we have the $84.50 level as support and the $90 level as resistance. Again, I think this is a market that’s just kind of hanging around, killing time, trying to determine whether or not we have enough momentum to go one direction or the other.

Really, I think you’ve got a situation where you might be buying dips looking for value, but I would not get overly exposed to this market. Furthermore, there’s a lot of uncertainty when it comes to the Middle East, and that just makes things messy in the market as per usual. The market is one that you need to be very careful in at the moment.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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