Crude Oil Price Forecast – Crude Oil Markets Crash At The Top Of A Triangle

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied significantly during Friday’s trading session to hit the $110 level. The downtrend line, of course, comes into play and offers strong selling pressure. If we can break past the highs of the past two weeks, the market will likely continue higher, possibly reaching the $120 level. Alternatively, if we could see this market turn around and fall back to the 50-day EMA.

It will be interesting to see how this pans out, but pay close attention to the highs we approach, as this will be the key to telling you where we are going in the short term. Longer term, it seems almost certain that oil will at least try to go higher.

Crude Oil Price Forecast Video 16.05.22

Brent Crude Oil Technical Analysis

Brent markets also hit the top of a triangle, also showing signs of an attempted breakout. Ultimately this is a market that I think given enough time will likely pull back into the triangle but I think the 50 day EMA should come into play for support as well as the triangle uptrend line. At this point, the market continues to show a lot of volatility, and I think given enough time, we will more than likely find a “buy on the downside” type situation. The market will continue to pay close attention to these trendlines and will make a bigger move once we finally break out. At this point, it certainly looks like buyers have a lot more momentum than anything else.

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This article originally appeared on FX Empire

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