Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[DiscoverGold]

Crude Oil Price Forecast – Crude Oil Markets Have a Tough Monday to Kick Off the Week
By: Christopher Lewis | May 9, 2022

• The crude oil markets have sold off rather hard during the Monday session, as we continue to see major resistance at a downtrend line.

WTI Crude Oil Technical Analysis

The West Texas Crude Oil market fell hard during the course of the Monday trading session as we have seen energy get hammered during the day. That being said, the market is going to continue to pay close attention to buyers underneath, and therefore I will be waiting for some type of supportive action to get long. The 50 Day EMA is a potential support barrier as well, so at this point, I think it is only a matter of time before I reentered the upside. However, I will wait to see some type of daily candle that tells me it is time to start picking up the crude oil contract again.

Brent Crude Oil Technical Analysis

Brent markets have also fallen rather hard during the session on Monday, as it looks likely that we are ready to drop down to the 50 Day EMA. Regardless, I will wait to see some type of daily support candle to go long. The market has been very noisy, and I think that will continue to be the case going forward. That being said, if we were to break out above the highs of the last couple of days, then the market would change everything as far as the momentum is concerned, and we would almost certainly break out to go looking to reach the $120 level.

A lot is being made of a lack of Russian supply, but at the end of the day, we also have to wonder whether or not the reopening trade is going to demand as much as we once thought would also be the case.

Read Full Story »»»

DiscoverGold