Crude Oil Price Forecast – Crude Oil Markets Rallied to Kick Off the Week
Crude Oil Prices Forecast Video for 06.12.22
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Monday, to break above the $82 level initially. At this point, we are getting close to some short-term resistance, so it’ll be interesting to see what we do next. If we can break above the 50-Day EMA then it’s likely that the crude oil market is looking to the $90 level. On the other hand, if we turn around and break down below the $80 level, then it’s possible that we go down to the $76 level. All things being equal, this is a situation where we would see a lot of noisy behavior overall.
Brent Crude Oil Technical Analysis
Brent markets have also rallied, breaking above the $87 level. We still have a lot of resistance just above at the $90 level, which is an area where I think a lot of people will be paying attention to. The 50-Day EMA sits at $91 and is dropping somewhat significantly. Because of this, I anticipate that we have a situation where the sellers are waiting to get involved at the first signs of exhaustion. If they get that opportunity, then I think it’s probably going to return toward the $85 level, possibly even the $82.50 level.
On the other hand, if we do break above the 50-Day EMA, then it’s likely that the market could go looking to the $95 level. Keep in mind that the 200-Day EMA is in the same vicinity, so that’s worth paying close attention to. Ultimately, we have to worry about demand, and we have seen a massive selloff in the US dollar, so that obviously has had a sizable effect as well.
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