Crude Oil Price Forecast – Crude Oil Markets Continue Volatile Behavior

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday, bouncing from the 50 day EMA at one point, as we continue to see a lot of noise in this market. Ultimately, I think we have got a situation where we need to pay close attention to the channel that we have been in, as it does seem to be holding. It is also worth noting that the 50 day EMA has been the beginning of some rather impressive support that extends down to that previous uptrend line. Because of this, a bounce makes more sense than anything else, but if we were to break down below the $100 level one would have to think that at the very negative sign.

Crude Oil Prices Forecast Video 20.05.22

Brent Crude Oil Technical Analysis

Brent has also fallen to the 50 day EMA, only to show signs of life again. By doing so, this market looks as if it is ready to bounce again, and therefore I think is going to follow WTI higher. If we can break above the highs of the day, then it would confirm that we have more momentum jumping in and is likely that Brent will go looking to reach the $115 level. Given enough time, I anticipate we will probably do that, but if we turn around a break down below the uptrend line, all bets are off and we would have to assume that Brent would fall right along to the 200 Day EMA rather quickly. Obviously, this would be a very negative turn of events, perhaps due to a slowing global economy.

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