WTI Crude Oil Technical Analysis
The light sweet crude oil market has bounced just a bit during the early part of the trading session here on Wednesday, as the 50-day EMA is offering a significant amount of support. Furthermore, there is an area just below that is both support and resistance, so we’ll have to wait and see.
Brent Oil Price Forecast
Every new Brent Oil analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Brent Oil forecastsThe market bouncing from here does make a certain amount of sense, as the technical area has been very noisy. If we could rally from here, the $95 level is an area that could be significant resistance.
Right now, we’re range-bound. We’ve got the PCE numbers coming later. That could have something to do with the market holding its breath, but more likely than not, it’s a lack of headlines coming out of the Middle East.
Brent Technical Analysis
The Brent market is bouncing from the 50-day EMA early during the Wednesday session. That is a sign of potential support. The $100 level above is an area that caused a little bit of resistance during the previous session. We’ll see whether or not we break above there. This would be a very strong sign of strength, but the markets seem tight at the moment.
Right now, the $100 level in Brent remains important, but if we can break above there, then the $108 level could very well be a target. Breaking down from here could unleash quite a bit of selling, although again, the whole situation with oil is that it’s very difficult to sell with any type of confidence. After all, it only takes one random headline to have the markets jumping again.
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