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Crude Oil Price Forecast – Oil Continues to See Attempted Recovery
Published: Jun 7, 2024, 16:43 GMT+00:00
The crude oil market continues to see a lot of noisy behavior, as the market continues to look for value and support.
In this article:
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil Market rallied slightly during the trading session on Friday, but it looks like we are hanging around the $75.50 level to show signs of exhaustion. If we pull back from here, then it’s likely that there will be plenty of buyers, but given enough time, this is a situation where we are going to try to take advantage of cheap oil.
But that being said, I do think that the market is going to continue to see a lot of noise on a certain amount of a floor. If we were to break above the last couple of four-hour candlesticks here, then I think the WTI crude oil market goes looking to the $78 level above. Keep in mind that geopolitics could come into the picture. And then of course, the fact that a hotter than anticipated jobs number suggests that there’s probably quite a bit of demand just waiting to happen.
Brent Crude Oil Technical Analysis
Brent markets look very much the same. And I think we are in a situation where we are trying to rally from here, perhaps getting to the $82.50 level. Short-term pullbacks continue to be buying opportunities. And I think the $78, maybe the $77.50 level continues to be massive support. There are plenty of geopolitical concerns out there that could drive oil higher as well so be aware of that. I am looking to buy dips. I’m not looking to short this market, mainly based upon longer term charts and the fact that we are such lower prices than we previously had been and close to a significant support level.
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About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
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