Crude Oil Price Forecast – Crude Oil Markets Continue to Recover

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market was positive again during the day on Wednesday as we continue to see a lot of volatility. At this point, we are well above the 50-day EMA, and that suggests we will continue to see buyers below. We had bounced off a major uptrend line, which suggests that we will even continue to see a lot of support below, and it’s only when we break below that uptrend line that I would consider shorting this market.

Crude oil is the “last man standing” when it comes to commodities, so you need to pay close attention to it and also recognize that other commodities have already given up. In other words, they value during a recession. This is the downward pressure in this market, but from a technical perspective it still looks bullish.

Crude Oil Price Forecast Video for 30.06.22

Brent Crude Oil Technical Analysis

Brent markets were also very loud, but also bounced off a major uptrend line, so it’s no big surprise to see that we’ve now passed the 50-day EMA. The market broke through the $115 level, so that suggests we might have a bit more room outside, but this bounce has been quite aggressive. The pullback should be viewed as a buying opportunity as long as we can stay above the trendline I drew on the chart. If we were to break it down below this line, then the $100 level would be your next level of support, and if that is breached, this market will likely crash quite quickly.

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