WTI Crude Oil Technical Analysis
The light sweet crude oil market has gone back and forth during the trading session here on Monday, but it does look like we are trying to break out of the recent consolidation area. If we were to break higher from here, then the market would probably test the $70 level and the 50 day EMA.
I do think that there are plenty of buyers underneath, so short-term pullback should continue to be buying opportunities in the light, sweet crude oil market. But it’s also worth noting that the area just below near $67 and extending down to the $65 level is a support range that has held up for three years. Brent has gone back and forth during the course of the trading session as well, as it looks like we are trying to break towards the 50 day EMA.
Brent Crude Oil Technical Analysis
Brent markets look very much like a grinding but positive situation, which is basically how I would describe most grades of oil right now. The $70 level underneath is likely to be a major floor in the market, as we’ve seen a lot of support near this area over the last three years. If we can break above the 50 day EMA, then it’s likely that we could go looking at the $75.50 level above. I do think this time of year is typically good for crude oil. So, the move does make quite a bit of sense at this point in the year.
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