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Crude Oil Price Forecast – Crude Oil Markets Show Signs of Support
By: Christopher Lewis | May 10, 2022

• Crude oil markets initially fell on Tuesday but have found buyers underneath to see signs of support. The market continues to look as if it favors the upside.

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has stabilized during the trading session on Tuesday, after initially dipping below the 50 Day EMA. The 50 Day EMA of course is an indicator that a lot of people pay close attention to, and therefore it looks to me as if there is a bit of dynamic support at this point. If we break down below the bottom of the candlestick for the session on Tuesday, we could go looking to reach the $100 level, perhaps even the massive uptrend line underneath. At this point, I think the market will continue to attract plenty of “buy on the dip” traders.

Brent Crude Oil Technical Analysis

Brent markets have also dipped lower during the trading session on Tuesday, and just like the WTI grade of crude, we have seen buyers come in to pick up the market. The 50 Day EMA also offers support here, right along an uptrend line. Breaking below that uptrend line would be very negative obviously, but at this point time, I think it is only a matter of time before we see buyers try to push this market back to the upside.

We will continue to see a lot of noisy behavior, but we have most certainly been in an uptrend for quite some time. If we were to break down below the uptrend line and perhaps even the $100 level, then it is likely that we could go looking to reach the 200 Day EMA. However, it certainly looks as if the uptrend is still very ensconced in the market, so I am not necessarily worried about that at the moment.

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