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

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Crude Oil Continues to Find Value Hunters
By: Christopher Lewis | May 16, 2024

• The crude oil markets have bounced back after selling off again, as the oil markets enter what is typically a very bullish time of year for the markets.

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market initially pulled back a little bit during the trading session on Thursday, but then turned around to show signs of life again. This is an area that I think will continue to be consolidated and it’s probably worth noting that the market is paying close attention to the 200-day EMA and the $80 level above. If we can break through all of that, then I think the WTI crude oil market continues to rally for a bigger move. It might be worth noting that the 50% Fibonacci retracement level is just below as well, and that of course brings in technical traders also. In other words, I’m somewhat bullish, but cautious, I’m not willing to throw a ton of money into the market.

Brent Crude Oil Technical Analysis

Brent looks exactly the same to me. 200 day EMA and the $84.50 level above offering resistance, but it certainly looks as if the 50% Fibonacci retracement level is coming into the picture to keep oil somewhat afloat.

There is a cyclical argument to be made for crude oil this time of year, and then of course there’s a lot out there that could have influence due to geopolitics. So really at this point, I have no interest whatsoever in shorting the market. I think this is an area of value that people will eventually take advantage of in trying to send oil much higher as they typically do during the summer anyway.

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