Crude Oil Price Forecast – Crude Oil Markets Continue to Grind to the Upside

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday to break above the 50-Day EMA and show that we are still bullish in general. As I record the video, we are above the $110 level, which of course is a very good sign. With that being the case, the market is more likely than not going to continue to find buyers on dips, as the overall trend has been strong, and it’s likely that we continue to find buyers. However, if we were to break down below the uptrend line that we bounce from previously, that could be the end of the bullish run. Keep in mind that commodities are starting to fall apart across the world, with oil being the last man standing.

Crude Oil Prices Forecast Video for 29.06.22

Brent Crude Oil Technical Analysis

Brent markets also have rallied and also broke above the 50-Day EMA. By doing so, it suggests that we could go higher, but it’s also worth paying attention to the idea of the gap being filled from last week, so if we turn around it should not be a huge surprise. The uptrend line continues to offer dynamic support, and as long as we stay above that level, then it’s possible that buyers will continue to come in and scoop up “cheap oil.” We can also break above the highs of the day and continue to go toward the $120 level, but it’s also worth noting that the market will remain very noisy and as I stated previously, commodity markets are getting hammered everywhere. If there is a major global recession, eventually supply catches up with demand.

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