Crude Oil Price Forecast – Crude Oil Markets Pull Back to Find Buying

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back initially during the trading session on Monday to drop towards the 50 day EMA. However, we have found enough support to turn things around and form a rather supportive looking candlestick. By doing so, it looks as if we are going to try to continue the overall upward pressure that had been in play over the last couple of weeks. To the upside, the target could very well be $80, but it will be interesting to see if we can continue with any type of momentum. Keep in mind that the jobs number in America comes out on Friday, and that of course will have a lot to do with where we go from a longer-term standpoint.

Crude Oil Video 04.01.22

Brent

Brent markets also pulled back a bit during the trading session on Monday but have recovered a bit more. At this point, the 50 day EMA looks as if it is offering support, and therefore it is likely that we will continue to see plenty of buyers on dips, with the $80 level above being a bit of a barrier. If we can get beyond the $80 level to the upside, that will free this market to go much higher. If we break down below the 50 day EMA, then it is very likely that we will have to “reset” near the $75 level.

It is worth noting the crude oil got sold off rather hard at one point during the day on Wednesday, but it is recovery has been rather impressive overall, suggesting that perhaps there should be plenty of interest.

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