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Crude Oil Price Forecast – Crude Oil Continues to Be Volatile

By:
Christopher Lewis
Published: Apr 23, 2024, 13:34 GMT+00:00

The Tuesday session has been all over the place in the oil markets, as we continue to see a lot of uncertainty as to where we are going.

In this article:

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market initially rallied during the trading session on Tuesday but has struggled to show signs of being able to hang on. So, with that being the case, I think we just continue to hang around and look for some type of reason to get involved based on support and a bounce.

The $80 level in the WTI market, I think, continues to be a major floor. And the 50-day EMA, I think, kind of comes into the picture as well. If we can take out the highs of the day, then we could go look into the $85 level. But right now, it seems like everybody is breathing a little bit of a sigh of relief as the war in the Middle East has at least not spread further. So that of course helps. Nonetheless, I do think that this area around $80 continues to be important.

Brent Crude Oil Technical Analysis

Same thing over here in Brent, the $84.50 level is an area that I think a lot of people will pay attention to, as it’s between the 50 day EMA and the 200 day EMA. Again though, we need to take out the highs of the day to be truly impressive to the upside. And at that point, then I think you’ve got a situation where we could go look into the $90 level regardless.

I am a buyer of oil, but maybe not right now. I need to see a little bit more in the way of stability because we have been all over the place in the last three trading days. I think at this point we will start to form some type of supportive action though, and that might be your sign to get long.

For a look at all of today’s economic events, check out our economic calendar.

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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