Crude Oil Price Forecast – Crude Oil Markets Quiet for the Wednesday Session

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has done very little during the trading session on Wednesday, as markets remained very cautious, to say the least. At this point, volatility in the oil market is dropping precipitously, which means that it is quite comfortable staying at this higher level, meaning that oil will more likely continue to go higher over the longer term. However, this is not necessarily a reason to buy the market right here, because we just don’t have anything in the way of momentum. I would rather see some type of pullback to find a bit of value. Of particular interest would be anything close to the 50 Day EMA.

Crude Oil Prices Forecast Video 26.05.22

Brent Crude Oil Technical Analysis

Brent markets have rallied slightly during the trading session on Wednesday but continue to struggle with the idea of breaking above the $115 level. If and when we can do that, the market is likely to go much higher over the longer term, but right now it appears as if the markets are simply trying to find some type of catalyst or reasoning to go higher over the longer term. If and when they do, I suspect that the Brent market will go reaching toward the $120 level.

On a pullback, I believe that the $110 level and the 50 Day EMA both could be areas where buyers would get involved, and therefore I would like to see a move to that area so that I can pick up a bit of value. I have no interest in shorting this grade of crude oil nor do I have any interest in shorting WTI.

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