Crude Oil Price Forecast – Crude Oil Markets Looking Well Supported

WTI Crude Oil Technical Analysis

The West Texas Crude Oil market has pulled back a bit during the trading session on Wednesday, breaking down to the $117 level before turning around and showing signs of life. Oil continues to be very bullish, and therefore it’s likely that we will eventually continue to see an attempt to get to the $125 level, perhaps even the $130 level. Looking at this chart, we have been very bullish for quite some time, and I don’t see that changing anytime soon. We did not expand drilling for two years, so unless something drastic happens, it’s likely that a short-term pullback will only offer value that we can take advantage of. Ultimately, given enough time this is a market that should test the highs.

Crude Oil Prices Forecast Video 16.06.22

Brent Crude Oil Technical Analysis

Brent markets have pulled back just a bit during the trading session on Wednesday, reaching the $120 level. At this point, the market is going to continue to go higher, and it also looks as if we are forming a bit of a bullish flag. At this point, it looks as if the market is ready to go much higher, and at this point, you can even make an argument based upon the “measured move” of the bullish flag, that we will see Brent go looking to the $135 level.

If we do break it down below here, then the $115 level is going to be tested for support, which is where I would anticipate seeing a lot of value in this market that people are more than willing to take advantage of. Furthermore, the 50 Day EMA is rising, and it certainly looks as if that comes into the picture as well.

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