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Crude Oil Price Forecast – Crude Oil Continues to Recover
Published: Jun 12, 2024, 13:34 GMT+00:00
The crude oil market rallied in the early hours on Wednesday, as the market continues to look for momentum to the upside. This is a market that continues to see a lot of noise, but we have been oversold for a while now.
WTI Crude Oil Technical Analysis
The West Texas Intermediate crude oil market rallied a bit during the early hours on Wednesday as we continue to see a lot of noisy behavior. Ultimately, this is a market, so I think we’ll try to get to the $80 level. However, there is a lot of noise between here and there. And I think you’ve got a situation where it’s going to be a bit difficult to get there.
However, in the longer term, I do think you have to look at this through the prism of whether or not we can break above 80. Keep in mind this time of year is typically very bullish for crude oil and I don’t see anything calming down as far as there continue to be geopolitical concerns out there. So, I look at short-term pullbacks as potential buying opportunities.
Brent Crude Oil Technical Analysis
Brent looks very much the same and I think Brent is going to try to get to the $84.50 level and if it does it will face significant resistance. Breaking above there could really get this thing moving to the upside, perhaps opening up a move to the $87 level. Much like the WTI crude oil market, I have no interest in shorting and I do think that it is probably only a matter of time before the buyers come in and pick up any hint of a dip or value. Again, no interest in shorting crude oil. I think there are just far too many things working in its favor.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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