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Tuesday, May 17, 2022 2:26:56 PM
Crude Oil Price Forecast
By: Christopher Lewis | May 17, 2022
• The crude oil markets have continued to rally a bit during the trading session on Tuesday as we have recently broken to the upside and look ready to continue.
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market rallied again during the trading session on Tuesday as we continue to see a lot of upward momentum in the energy markets overall. The crude oil markets have just broken out of a major triangle, and therefore it looks like the sellers are starting to run for the hills. Ultimately, a pullback should continue to see plenty of value hunters coming back into the market as this has been such an obvious breakout. The $110 level could be an area of interest, right along with the previous downtrend line that we broke out of. Ultimately, I believe that the 50 Day EMA is going to be a “dynamic floor in the market.”
Brent Crude Oil Technical Analysis
Brent markets have threatened the $115 level early during the session on Tuesday, as we continue to see momentum into this market. Ultimately, I believe this is a market that you need to go higher, perhaps reaching the $120 level. Any pullback at this point will offer a possible opportunity to find value, and I believe that the $110 level offers support. Just as in the Brent market, I am using the 50 Day EMA is the “dynamic floor the market.”
You should also keep in mind that oil had been compressing for quite some time, so it does make sense that we could be kicking off a bigger move. That does not necessarily mean that we go straight up in the air, just that you certainly cannot be a seller at this point with all of the massive upward pressure.
I believe this is a situation where you continue to be a “buyer of the dip”, as it offers plenty of opportunities going forward.
Read Full Story »»»
DiscoverGold
By: Christopher Lewis | May 17, 2022
• The crude oil markets have continued to rally a bit during the trading session on Tuesday as we have recently broken to the upside and look ready to continue.
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market rallied again during the trading session on Tuesday as we continue to see a lot of upward momentum in the energy markets overall. The crude oil markets have just broken out of a major triangle, and therefore it looks like the sellers are starting to run for the hills. Ultimately, a pullback should continue to see plenty of value hunters coming back into the market as this has been such an obvious breakout. The $110 level could be an area of interest, right along with the previous downtrend line that we broke out of. Ultimately, I believe that the 50 Day EMA is going to be a “dynamic floor in the market.”
Brent Crude Oil Technical Analysis
Brent markets have threatened the $115 level early during the session on Tuesday, as we continue to see momentum into this market. Ultimately, I believe this is a market that you need to go higher, perhaps reaching the $120 level. Any pullback at this point will offer a possible opportunity to find value, and I believe that the $110 level offers support. Just as in the Brent market, I am using the 50 Day EMA is the “dynamic floor the market.”
You should also keep in mind that oil had been compressing for quite some time, so it does make sense that we could be kicking off a bigger move. That does not necessarily mean that we go straight up in the air, just that you certainly cannot be a seller at this point with all of the massive upward pressure.
I believe this is a situation where you continue to be a “buyer of the dip”, as it offers plenty of opportunities going forward.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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