Crude Oil Price Forecast – Crude Oil Continues to See Support

WTI Crude Oil Technical Analysis

You can see that the WTI crude oil market fell a bit early during the trading session on Wednesday, but we continue to look at the $80 level as a major support level. Furthermore, we also have the 50 day EMA breaking above the 200 day EMA, forming the so-called Golden Cross. This is a signal that a lot of longer term traders will continue to pay attention to and therefore buy and hold traders might be involved.

Furthermore, you also have to keep in mind that the crude oil markets are a cyclical market and therefore you have to keep in mind that the market will be looking at more traveling over the next couple of months and, therefore maybe price in higher moves. At this point, I think the WTI market could go to the $85 level.

Brent Crude Oil Technical Analysis

Brent looks very much the same with $84.50 offer and significant support. In this market, we also have the Golden Cross, but I think at this point, it is a buy on the dip market much like all crude oil, and we will eventually go looking to the $90 level sometime this summer.

The market has recently broken out from a major bottoming pattern, and it looks very strong. There’s no need or no idea on my part to short this market. Every time it pulls back, I look at it as a nice buying opportunity, and we’ll continue to trade it this way for the remainder of the next season or two. With that being the case, it’s a buy on the dip market, and it should continue to see strength.

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