Crude Oil Price Forecast – Crude Oil Markets Are in the Midst of a Breakout

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially pulled back a bit during the trading session on Monday, only to find buyers near the $110 level. By doing so, it looks as if the market is trying to go higher, perhaps getting ready for a bigger breakout as we are just now clearing a massive triangle. With that being said, the market is likely to continue grinding higher, but it is going to be very noisy. If we break down below the bottom of the candlestick for the Monday session, it is possible that we could go looking to the 50 Day EMA. Volatility remains high, but it is more likely than not going to be positive overall.

Crude Oil Prices Forecast Video 17.05.22

Brent Crude Oil Technical Analysis

Brent markets have pulled back initially during the trading session on Monday but have also rallied a bit to show signs of life again. Ultimately, this is a market that I think eventually breaks out, as the WTI market has already broken the top of its triangle. Pullbacks continue to offer buying opportunities and will be looked at as such. I like the idea of finding value whenever it appears, but right now it does not look likely that we are going to have a major breakdown. Because of this, you may have to simply buy the market on a break above the top of the candlestick for the session, expecting a move to the $120 level eventually. It will be noisy, but it certainly looks as if we are going to continue to find buyers every time there is a little bit of a pullback that people can take advantage of.

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