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Crude Oil Markets Slam Into the Top of a Triangle
By: Christopher Lewis | May 13, 2022

• The crude oil markets have slammed into the top of a triangle that I have marked on the charts as we continue to see bullish pressure. The question now is whether or not we can break out?

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Friday to reach the $110 level. The downtrend line, of course, comes into the picture and offers a lot of selling pressure. If we can break above the highs of the last couple of weeks, the market is likely to continue going higher, perhaps reaching the $120 level. Alternately, if we could see this market turn around and fall back to the 50 Day EMA.

It will be interesting to see how this plays out but pay close attention to those highs that we are approaching because that will be key to telling you where we are going in the short term. Longer-term, it almost certainly looks as if oil will at least try to go higher.

Brent Crude Oil Technical Analysis

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

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