Crude Oil Price Forecast – Crude Oil Markets Calm for Wednesday Session

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market did very little in Wednesday’s workout as markets remained very cautious, to say the least. At this point, the volatility in the oil market drops precipitously, which means that it is quite comfortable to stay at this higher level, which means that oil is more likely to continue to rise in the longer term. However, that’s not necessarily a reason to buy the market here, because we just don’t have any momentum. I would prefer to see some type of pullback to find some value. Of particular interest would be anything close to the 50-day EMA.

Crude Oil Price Forecast Video 26.05.22

Brent Crude Oil Technical Analysis

Brent markets rallied slightly in Wednesday’s trading session but continue to struggle with the prospect of breaking above the $115 level. If and when we can do that, the market is likely to rise much higher in the longer term, but at the moment it looks like the markets are just trying to find some type of catalyst or reasoning to rise in the longer term. If and when they do, I suspect the Brent market will hit the $120 level.

On a pullback, I think the $110 level and the 50-day EMA could both be areas where the buyers would get involved, and so I’d like to see some movement towards that area so I can gain some value. I have no interest in shorting this grade of crude oil and I have no interest in shorting WTI.

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