Crude Oil Price Forecast – Crude Oil Markets Have Massive Rally On Wednesday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market surged higher in Wednesday’s trading session as we continue to trade within this massive triangle. The massive triangle has of course been clearly defined and marked on the chart, and I think at this point we’re just going to just work our way through it until we get some type of meaningful breakout or breakout that we can follow. At this point, it’s all about trading this market back and forth on short-term charts, recognizing that these trendlines are important.

It should be noted that the US Dollar weakened a bit at the start of the trading session, which could also help Oil. That being said, the market will likely be looking to reach the $110 level above where it will find plenty of selling pressure.

Crude Oil Price Forecast Video 12.05.22

Brent Crude Oil Technical Analysis

Brent markets also rose quite significantly during Wednesday’s session as well, surpassing the 50-day EMA. We are currently challenging the $107.50 level and heading towards the $110 level. All things being equal, this is a market that continues to oscillate between these two trend lines, just like it does in the WTI grade, and so I think this is a short-term trading environment. that you have to respect more. – fourth type of situation. That being said, were the market to fall below the $100 level, this could open up a huge hole in the market that would drive this market much lower. On the other hand, if we reverse a break above the $114 level, the market will go higher.

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