Crude Oil Price Forecast – Crude Oil Continues to See Buyers

By:

Published: Apr 9, 2024, 13:39 UTC

The crude oil markets continue to see a lot of bullish pressure on the market as we see a lot of upward pressure in general.

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market has gone back and forth during the early hours on Tuesday as we continue to hang around the $85 level. The $85 level of course is a large round figure, but it’s also an area that previously had been significant resistance.

Because of this, I would assume that a certain amount of market memory comes into the picture and there should be support. Breaking down below the bottom of the candlestick from the Monday session could bring in a little bit more of a deeper correction, but I think that only attracts more people. Quite frankly, crude oil continues to see a lot of demand due to the fact that supply is dwindling and this time of year, we typically have more demand anyway. The 50 day EMA is currently at the $80 level and is rising. If that’s going to be the case, we will see that as a bit of a floor in this market.

Brent Crude Oil Technical Analysis

Brent looks very much the same as we are hanging around the crucial $90 level. I do think that this is a buy on the dip market, but I also think that we are much like in the WTI grade, churning away to work off some of that excess froth of the last couple of weeks. In this market, the $84.50 level is the bottom of the trend. I don’t think we will get anywhere near there, but I would love to buy it somewhere closer there if I do get that opportunity. I think that the next couple of months will continue to be very bullish for crude oil as history does tend to tell us. And of course, geopolitical issues in the Middle East make it even more likely.

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

About the Author

Christopher Lewisauthor

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.