Crude Oil Price Forecast – Crude Oil Continues Its Recovery

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market pulled back just a bit during the early hours on Friday, only to turn around and show signs of life again. All things being equal, this is a market that I think continues to be very difficult and choppy.

But in general, I think that the 50 day EMA offers support right along with the $69 level. On the other hand, if we can turn around and break above the $71.50 level, then we could go looking much higher if we can get not only above there, but also the 200 day EMA. If we break above that, we could see a lot of “FOMO trading” coming into the picture.

Brent Crude Oil Technical Analysis

Brent markets look very much the same and they do look like they are trying to break out to the upside with the $74.50 level offering resistance. If we can break above there, then we could go much higher. Short term trades at this point in time could see the $72.50 level offer a major floor. And at this point in time, I think you have to look at that as where the buyers will come in on short-term dips.

In general, I think we’ve got a scenario where oil is recovering and we are getting very close to a very big breakout, which would be extraordinarily bullish. This of course would potentially be a sign that the loose monetary policy should continue to drive commodities higher.

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