Crude Oil Price Forecast – Crude Oil Markets Continue to Power Higher

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, reaching to the 200-Day EMA and filling a gap that we had seen previously. If we can break above the structural high at the $93.40 level, this is a market that could go all the way to the $98 level. A lot of traders out there trying to figure out whether or not the demand for crude oil’s going to pick up, or if we are simply seeing more volatility than anything else. Keep in mind that OPEC has also cut production, so there could be a bit of a floor in the market. For what it is worth, the 50-Day EMA sits just below this candlestick.

Brent Crude Oil Technical Analysis

Brent markets have also rallied during the day but managed to break above the 200-Day EMA quite handily. At this point, it is threatening the structural high from the last rally, and if it can break above there, it’s more likely than not that Brent goes to the $100 level. Keep in mind that the Brent market has led the way recently, and I think that will probably continue to be the case. Because of this, I think it’s a situation where you will be watching this chart even if you are not trading this particular grade, because it could give you a bit of a “heads up” as to what’s going to happen and the other oil markets. Nonetheless, this is a market that I think continues to see a lot of volatility but it certainly looks as if there are buyers on dips.

Crude Oil Prices Forecast Video for 07.11.22

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