Crude Oil Price Forecast – Crude Oil Markets Have a Bullish Run on Monday

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Monday, as we have broken well above the 200 Day EMA, and are threatening the 50 Day EMA just above. Ultimately, the market looks as if it is trying to fulfill the “falling wedge” move, meaning that we could get a little bit of a rally from here as well. The $100 level should offer a lot of resistance though, so keep that in mind.

The market will more likely than not continue to see sellers at the first signs of exhaustion, basically I think sellers will come in and push the market to the downside. The $90 level underneath should be supportive, as it is a large, round, psychologically significant figure, and an area where we should see a lot of noisy behavior, but a break below there opens up another $5 drop.

Crude Oil Prices Forecast Video for 30.08.22

Brent Crude Oil Technical Analysis

Brent markets have also rallied quite nicely during the trading session on Monday, as we are now above the $100 level. The market has a lot of resistance at the $104 level because it is an area that has been important for quite some time, therefore I think we have a situation where it’s only a matter of time before we have to make a significant decision. If we can break above the $104 level, then it opens up a move to the $110 level. However, as things stand right now I’d be looking for exhaustion more than anything else.

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