Crude Oil Price Forecast – Crude Oil Markets Have Quiet Session into the Weekend

Crude Oil Prices Forecast Video for 05.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has been very noisy during the trading session on Friday, as the jobs numer came out a little hotter than anticipated. I think at this point the market is going to catch its collective breath, trying to figure out what to do. The shooting star from the Thursday session shows a little bit of a barrier, so I think at this point in time we will look at that as a potential binary situation. If the market were to break down below the bottom of the candlestick, that would be bearish, while breaking above the top of the candlestick would be bullish, perhaps opening up a move to the 50-Day EMA.

Brent Crude Oil Technical Analysis

Brent markets also were very quiet and choppy during the trading session on Friday, as we continue to see a lot of noise around the $87 level. The $87 level is an area that the shooting star formed from on Thursday, so it’s worth paying attention to but I think the more important level is going to be the $90 level above. If we can break above $90, then it’s possible that the market is looking to the 50-EMA.

On the other hand, if we break down below the bottom the candlestick for Friday, then it could open up a move down to the $82.50 level. Anything below that level will more likely than not threaten the $80 level as a result. If the $80 level gets broken, that would be horrible for Brent and could send the oil markets in the chaos at that point. It is going to be noisy regardless.

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