Crude Oil Price Forecast – Crude Oil Markets Have Choppy Friday

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Friday, as perhaps we have no idea what to do with ourselves. Looking at this chart, it is worth noting that we have failed to continue going higher at the previous support level, so it does suggest that perhaps we are going to continue to see a little bit of lackluster performance. If we can break above the $62.50 level, then it is possible that we could continue to go higher. To the downside, we could very well go looking towards the 50 day EMA, and quite frankly I think this is a scenario where we could see a lot of back and forth short-term scalping opportunities.

Crude Oil Video 26.04.21

Brent

Brent markets also went back and forth during the course of the trading session, in relatively choppy and listless trading. Looking at this chart, it looks to me as if the $67.57 level is significant resistance, but if we can get above there then it is likely that we could go looking towards the $70 level. To the downside, if we take out the lows from the Thursday session, we will more than likely go looking towards the 50 day EMA, near the $63.50 level.

People are starting to question whether or not we are going to continue to see demand or not, as the global reopening question is still a major problem, due to the fact that coronavirus figures in Asia are picking up. Furthermore, demand has been lackluster for crude oil as of late, so it certainly looks as if we have a lot of questions going forward.

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