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Crude Oil Price Outlook – Crude Oil Continues to Build a Basing Pattern on Tuesday
Updated: Jun 3, 2025, 14:20 GMT+00:00
The crude oil market continues to see a lot of noisy trading, as we are trying to find some kind of longer term bottom after selling off for several weeks. At this point, it looks like we are trying to find a reason to go higher eventually.
WTI/CL Technical Analysis
The light sweet crude oil market has gone back and forth during the early hours on Tuesday, as we are hanging around the crucial 50-day EMA. The 50-day EMA, of course, is an indicator that a lot of people pay close attention to as market participants use it to gauge the overall trend. If we can break above there, then we will challenge the $64 level, followed by the $65 level. $65, being broken above, opens up the possibility of a much bigger move.
We recently did form a bit of a double bottom near the $55 level, and I think that’s your floor in the market, but $60 underneath current levels will also be important, so pay close attention to it. With that being said, I think we probably spend more time chopping around sideways than anything else until we get a catalyst for gold to truly take off.
Brent Technical Analysis
The Brent market has also been somewhat noisy and choppy, but in general, I think this is a scenario where traders are just looking to find stability first before really trying to throw a lot of money into the market. I think we are in a range between $60 and $68. And with that being the case, if we can break above $68, the 200 day EMA then gets targeted. Pullbacks at this point in time, I think still continue to be buying opportunities, with a lot of questions asked in this general vicinity as to whether or not we can maintain the base and then perhaps start a new uptrend. Ultimately, I think we’re fairly neutral.
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About the Author
Christopher Lewisauthor
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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